# In an op-ed, Prof. Aswath Damodaran explains how the US tax code influenced Apple's bond issuance

1 Faculty News May 7, 2013 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025700.jpg?itok=LSPbU2V1)>

Excerpt from [Financial Times](http://www.ft.com/intl/cms/s/0/b1f867a4-b703-11e2-a249-00144feabdc0.html#axzz2Se2aDJ4B) -- "Apple’s actions can be explained by two features of the tax code: its treatment of foreign income and its bias towards debt over equity."

[Read more](http://www.ft.com/intl/cms/s/0/b1f867a4-b703-11e2-a249-00144feabdc0.html#axzz2Se2aDJ4B)