Tax-Exempt Firm Gets $600 Million Profit Flying First Class

From

Since 1862, an obscure company called American Bureau of Shipping has been approving oceangoing vessels as seaworthy. The Houston-based firm reported $3.17 billion in revenue and just less than $600 million in profits from ship inspections from 2004 to 2010 and paid no U.S. income taxes on those earnings.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.