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G.E. paid no taxes on $5.1 billion in profits

_ylt=Aqiz6bDe9XsSUW3yNFN42ZqGXMZ_;_ylu=X3oDMTRybGhydnM2BGFzc2V0A3libG9nX3RoZWxvb2tvdXQvMjAxMTAzMjQvZm9ybWVyLXRvcC13aGl0ZS1ob3VzZS1lY29ub21pYy1haWRlLXdlLW5lZWQtdG8tZG8tbW9yZS1vbi1qb2JzLWNyaXNpcwRwb3MDMjgEc2VjA3luX2V4dGVuZGVkX3N1bW1hcnlfbGlzdARzbGsDZm9ybWVydG9wd2hp">worries about the United States' growing deficit problem, there's mounting evidence the government is failing to collect taxes from wealthy individuals and corporations. A piece inoutlines how G.E. skirted paying any taxes on $5.1 billion in profits in 2010--in addition to claiming a $3.2 billion tax credit.

The main reason G.E. is so adept at avoiding paying taxes, Kocieniewski writes, is because it's compiled an all-star team of in-house tax professionals plucked from the Internal Revenue Service, the Treasury Department, and "virtually all the tax-writing committees in Congress."

G.E.-- whose slogan is "Imagination at Work"-- has in-house, Kocieniewski writes, what is considered by many to be the best tax law firm in the world. Their secret to success is a familiar one, though G.E. appears to have perfected it: "fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore."

Writes :

In a regulatory filing just a week before the Japanese disaster put a spotlight on the company's nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.

Such strategies, as well as changes in tax laws that encouraged some businesses and professionals to file as individuals, have pushed down the corporate share of the nation's tax receipts from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.

In an interesting twist, President Obamato be his chief outside economic adviser, and the company recently came under fire for beingthat sparked Japan's nuclear crisis in the wake of the devastating earthquake and tsunami.

(Photo: Paul Sakuma/AP)

Another "Spider-man" actress sidelined by injury

Yet another performer in the trouble-plagued Broadway musical "Spider-man Turn Off the Dark" has been sidelined by an injury suffered on stage, a spokesman for the show said on Tuesday.

Actress T.V. Carpio, who replaced Natalie Mendoza in the role of Arachne when Mendoza was felled by a concussion, was injured on Wednesday last week during an onstage battle scene, Rick Miramontez said in a statement.

"On doctor's orders, she will be out of the show for the next two weeks. America Olivo will be performing the role of 'Arachne' during this time," he said.

The much-delayed musical, the most expensive in Broadway history, was hit last month by the U.S. Department of Labor with three serious violations of workplace safety rules for a string of cast member injuries late last year.

Its most recent opening date of March 15 was again put off until June, after director Julie Taymor was relieved of day-to-day duties and a new team was brought in to help with restaging the show, whose troubled history has already achieved legendary status.

Critics went ahead and reviewed it in early February, citing one of the producers' previous scheduled debut dates, and were scathing in their assessments of the production.

(Reporting by Chris Michaud and Christine Kearney and Editing by Bob Tourtellotte)

Report: Apple leads the mobile computer market

NEW YORK – Apple is selling more portable computers than any other manufacturer.

Including the iPad, Apple Inc. sold 17.2 percent of mobile computers worldwide in the October-December quarter, according to a report published Wednesday by research group DisplaySearch. That's even more than Hewlett-Packard Co., the world's top PC maker.

Apple has sold nearly 15 million iPads in its first nine months on sale, including 7.3 million in the most recent quarter alone. Without the iPad, Apple is the world's eighth-ranking PC manufacturer.

HP ranks second when it comes to mobile computers, a category that includes laptops, tablet computers and netbooks. Acer Inc., Dell Inc. and Toshiba Corp round out the top five.

Apple's lead doesn't mean people are buying iPads instead of larger laptops and desktops, said DisplaySearch analyst Richard Shim. Rather, it's selling best in countries where most people already own computers. He said that even though the iPad is relatively inexpensive, with a starting price of $499, consumers in emerging markets can only afford one computer and are likely to buy one that's more powerful, and not necessarily more portable.

"In emerging markets, PCs are still aspirational," Shim said. "They're looking for the most computing capability they can get for their dollar. In those cases they're gravitating more towards a fully configured PC. In some cases toward desktops."

Shim added that Apple will continue to dominate the tablet market for at least a year or two, even though companies such as Motorola Mobility Inc. will begin selling tablets running Google Inc.'s popular Android software, commonly found on smart phones.

Meanwhile, PCs face competition from another kind of mobile gadget: smart phones. In the fourth quarter, smart phones outsold PCs for the first time ever, according to a report from research group IDC earlier this month.

In that case, too, it's not that people are buying phones instead of PCs. Sales of personal computers are slowing because many consumers already own them and only tend to replace them every three to five years, compared with every two years for phones.

John K. Fanney Joins DeMent Askew LLP

The law firm of DeMent Askew announces that Criminal Law Attorney John K. Fanney has joined its Raleigh, N.C., office.

Raleigh, NC (Vocus/PRWEB) February 15, 2011

The law firm of DeMent Askew announces that Criminal Law Attorney John K. Fanney has joined its Raleigh, N.C., office.

has nearly 21 years of experience and is admitted to the North Carolina, U.S. District & Court of Appeals, and Eastern District North Carolina bars.John Fanney has been named in SuperLawyers and recognized by Martindale Hubbell Peer Review Ratings. He is also a Board Certified Specialist in both state and federal criminal law, State Delegate to the National College for DUI Defense (NCDD) and a frequent speaker at DWI seminars around North Carolina. He merges his successful criminal law practice with DeMent Askew, an established AV-rated law firm.

DeMent Criminal Law Group is led by Rusty DeMent, who’s attained an AV rating with Martindale-Hubbell and was named to Business N.C.'s Legal Elite for criminal law. The addition of Fanney solidifies DeMent Askew as a leading . In addition to their prowess in criminal law, DWI and traffic violations, the firm is also accomplished in civil litigation, personal injury,and real estate.

“We are pleased and excited to have John Fanney join our firm.We’re looking forward to adding his expertise to the services we offer our clients,” says Rusty DeMent.

About DeMent Askew LLP

DeMent Askew, LLP was founded in 1968 by Russell W. DeMent, Jr. and quickly established a reputation for unwavering trial advocacy.Thenow boasts seven attorneys, five partners and two associates, and an exceptionally experienced and professional staff. They stand ready to protect their clients’ rights in civil and criminal litigation in North Carolina’s state and federal courts.

Attorneys at the law firm of DeMent Askew offer legal counsel primarily in the following areas: Criminal defenseDWI/TrafficPersonal injuryCivil litigation

DeMent Askew is proud that the majority of their new clients are referred to them by former, satisfied clients and other law firms in NC.In most cases, they offer free initial consultations so clients can quickly find out what their rights are, and what they can do to help.

Founded in 1968, the lawyers at DeMent Askew, LLP are confident that our exceptional law firm & litigation team can help you find the right solution to your legal problem.For more information about the firm, please go toor call 919-833-5555.

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Rusty DeMent, PartnerDeMent Askew919-833-5555Email Infortion

NASA craft snaps pics of comet in Valentine fling

PASADENA, Calif. – A NASA spacecraft zipped past a comet half the size of Manhattan in a Valentine's Day rendezvous that scientists hope will shed light on these icy solar system bodies.

Speeding at 24,000 mph, Stardust zoomed by comet Tempel 1 on Monday night, snapping six dozen high-resolution pictures along the way. At nearest approach, the craft passed within 112 miles of the potato-shaped comet — closer than the original prediction.

Instead of erupting in cheers, mission controllers at the NASA Jet Propulsion Laboratory puzzled over why images from the flyby were not downloading in the order that they want.

NASA had planned to wow the world by playing back the images in reverse order, starting with five close-up shots of Tempel 1's nucleus. Instead, the first images to pop up on scientists' computer screens showed the comet as a tiny speck.

"We still don't understand fully why this didn't work the way we planned," said Chris Jones, an associate director at the Jet Propulsion Laboratory, which managed the mission.

All the flyby pictures were stored aboard Stardust. "They're not lost," Jones said.

The glitch means scientists will have to wait several more hours for everything to download to study changes on the comet's surface.

The Valentine flyby, which occurred 210 million miles from Earth, is the second time that Tempel 1 has been visited up close.

Onboard dust detectors revealed Stardust took several hits as it swooped past Tempel 1. The craft is armed with bumpers designed to protect it from comet shards as large as half an inch.

"We made it through," said mission control commentator Mykal Lefevre, of Lockheed Martin Space Systems in Denver.

Shortly after closest approach, Stardust turned its antenna toward Earth to begin the downlink. The playback was delayed an hour due to inclement weather at a ground station in Spain.

When the close-up images didn't show up as planned, project leaders were seen pacing around mission control or huddling in groups to troubleshoot.

Space enthusiasts who stayed up all night watching the coverage streamed over the Internet by NASA grew weary and signed off from Twitter and other social networking sites after failing to get an up-close peek.

Comets are like frozen time capsules because they're thought to contain primordial material preserved from the aftermath of the solar system's birth some 4.5 billion years ago. Studying comets could yield clues to how the sun and planets formed.

The last time NASA visited Tempel 1, it ended in violence. In 2005, Deep Impact fired a copper bullet that slammed into the surface and gouged a crater. The high-speed collision spewed such a huge plume of dust that it obscured Deep Impact's view.

It was not immediately known whether Stardust photographed the Deep Impact crater.

Launched in 1999, Stardust's original destination was comet Wild 2, where it scooped up minute interstellar dust and comet grains that were later stored in a capsule and jettisoned to Earth. The $300 million mission gave scientists their first collection of comet bounty gathered in space.

Since Stardust had ample fuel after visiting Wild 2, NASA in 2007 tapped it for a $29 million fling with Tempel 1 — cheap by space mission standards.

Hours before the dalliance, two scientists who met while working on the mission got engaged. During a presentation to team members, Steve Chesley, of NASA's Near-Earth Object Program office, slipped in an extra PowerPoint slide that read: "Will you marry me?"

Jana Pittichova, of the University of Hawaii, who has imaged the comet through ground telescopes, responded by running across the room and hugging Chesley.

The ring came from — where else? — a jewelry company named Stardust.

"It's Valentine's Day. It's a Stardust ring. It's a Stardust mission," Chesley said.

Unfortunately for Stardust, its comet-chasing days are over after traveling 3.5 billion miles. It has about a cup of hydrazine fuel left — not enough to visit another target.