Tim Cook's grand scheme to avoid American corporate tax rates was just revealed as a little more absurd, with a new report by the New York Times. The (Californian) company is using (Irish) dummy companies to funnel cash to (Manhattan) bank accounts.

Recent congressional scrutiny is focused on Apple Sales International and Apple Operations International—two holding companies created in Ireland to help Apple escape US taxes. But the whole "Irish" thing is overstated:

Apple’s $102 billion in offshore profits is actually managed by one of its wholly owned subsidiaries in Reno, Nev., according to the Senate report on the company’s tax avoidance. The money is tracked by Apple company bookkeepers in Austin, Tex. What’s more, the funds are held in bank accounts in New York.

That's right: billions upon billions of Apple dollars are deemed "offshore" and untouchable, despite sitting in Manhattan accounts. The system works! For Apple.

Photo: Chris Hondros/Getty