11/14/2012 08:33 am ET Updated Jan 14, 2013

Fun Lesson In Earning A $600 Million Profit Without Paying Income Taxes

Since 1862, an obscure company called American Bureau of Shipping has been approving oceangoing vessels as seaworthy. The Houston-based firm reported $3.17 billion in revenue and just less than $600 million in profits from ship inspections from 2004 to 2010 and paid no U.S. income taxes on those earnings.

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