Foreign subsidiaries of U.S. multinationals generally retain their excesscash because paying a dividend to the U.S. parent would result in significant U.S. tax costs.
Companies seeking to tap excess foreign cash for U.S. needs without incurring additional tax costs should consider having foreign subsidiaries prepay taxable royalties.
"You don't want to have excesscash tied up in the company that's not generating any value, " said Nick Fanandakis, chief financial officer of the manufacturing and science company.
Because the PGA Tour is a nonprofit organization that turns over its excesscash to charity, one measure of golf's success is the size of those contributions.
The excesscash that once triggered a housing bubble in the U.S. is now sloshing back into China, creating an even more horrifying housing bubble in China's big cities.
This means that those S corporations and partnerships with receipts in excess of the threshold that previously qualified to use the cash method will no longer do so.