Re: Well, bears in the woods etc.
the way it works is Ireland won't tax the proportion of the value that is added by US Apple operation, Apple claim it is most of the value, due to the R&D, design, software manufacturing etc. taking place in the US, and thus it's taxable in the US, not Ireland. Ireland shrug and say 0.005% of a shitload of cash is better than none, and take the money, Apple ship the money to Bermuda and sit on it. Uncle Sam stares across the Caribbean, and waits.
So, Technically, it will be taxed by the US... IF they ever 'repatriate' it to the US from the Bermudan Black Hole. This is why they sit on $Bns in a tax exile while not paying dividends etc, because the instant they try to spend it, the IRS will take their rather generous cut.