UPDATE 1-Some firms using tactic to avoid taxes -Treasury

Newswire

(Recasts, adds details, lobbyist comment) By David Lawder WASHINGTON, Nov 28 (Reuters) - U.S. companies that move their headquarters to overseas tax havens are rampantly "stripping" earnings to avoid paying U.S. corporate income taxes, according to a U.S. Treasury Department study released on Wednesday. At issue is the practice of using an "inversion" transaction to replace a U.S.-based parent company with a foreign parent in a low-tax or no-tax country, in order to become ...

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