With most of its money stashed in Irish banks, Apple's $246 Billion is tucked safely away from the US Tax Code. So much so, that they've created a separate Irish subsidiary which then licenses Apple's own intellectual property back to Cupertino. It's all the same corporation, mind you, but it enables them to avoid taxes in the US. And it's completely legal. They have more money in the bank than the GDP in Sri Lanka, and the 13th largest country in the world, if it were a country.
Leo says that Apple would like to get their money back out of Ireland, but they can't due to US repatriation taxes of up to 35%. Leo says they are trying to lobby the US to change the code and make it 10%.