Cisco

[Max Sawicky]

Another angle is channeling profits into employee
defined-benefit pension funds that are not needed
to pay benefits.  The accumulation in the funds
is not taxable to anybody, and the company reports
the income in its annual report as profit.  I suspect
there are ways of pulling the money back out with
reduced tax consequences as well.  This is
an issue in the current GE negotiations; it's known as
"pension stuffing."  I've been looking for information
on this without much success.  Any leads would be
welcome.

mbs

New York Times - June 13, 2000
The Consequences of Corporate America's Growing Addiction to Stock Options

By GRETCHEN MORGENSON

 
Microsoft and Cisco Systems, two of the nation's most profitable 
companies, are well on their way to owing nothing in federal income 
taxes on the money they have made so far this year. . . .