Apple Takes $4.8 Billion Foreign Tax Credit for Ireland Tax Bill

Apple is recording a US foreign tax credit of $4.8 billion that will partly offset the cost to the company of a €13 billion ($14.2 billion) tax bill it must pay Ireland because of an EU court ruling in September.

The total amount payable to Ireland in the wake of the ruling is actually $15.8 billion, and that amount will be offset by the $4.8 billion foreign tax credit and a decrease of $823 million in Apple’s unrecognized tax benefits, the company said in its annual report filed Nov. 1.

As a result, Apple said it recorded a one-time ...