From WSJ.com’s “Apple Wins Major Tax Battle Against EU” ($) posted early Wednesday:
Apple Inc. won a major battle with the European Union, when the bloc’s second-highest court on Wednesday sided with the U.S. company over a €13 billion ($14.8 billion) tax bill that EU antitrust officials had said the company owed to Ireland.
The case stems from a 2016 decision by the European Commission, the bloc’s top antitrust enforcer, which said that Ireland must recoup €13 billion in tax breaks from between 2003 and 2014, money the commission said constituted an illegal subsidy under the bloc’s strict state-aid rules.
But in its judgment on Wednesday, the General Court said it annulled the commission’s decision because it had failed to meet the legal standards in showing that Apple was granted an illegal subsidy.
My take: More on the decision later. Meanwhile, Apple could be testing $400 again today.