Immediate government action is needed to stop U.S. corporations from avoiding federal taxes by shifting their tax domiciles overseas through deals known as inversions, the head of the U.S. Senate Finance Committee said on Tuesday.Nine inversion deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie Inc and more are being considered. The transactions are setting a record pace since the first inversion was done 32 years ago.Washington is increasingly concerned about this. "Let's work together to immediately cool down the inversion fever ... The inversion loophole needs to be plugged now," said Democratic Senator Ron Wyden, finance committee chairman, at a hearing.Several Democrats have offered bills to curb inversions, which let companies cut their taxes primarily by putting foreign earnings out of the reach of the Internal Revenue Service.
AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV traded higher by 0.21% or $0.1125/share to $54.11. In the past year, the shares have traded as low as $42.25 and as high as $58.27. On average, 7641510 shares of ABBV exchange hands on a given day and today's volume is recorded at 7257330.
Chiquita Brands International, Inc. (CBII), along with its subsidiaries, is an international marketer and distributor of bananas and other fresh produce, sold under the Chiquita and other brand names in 70 countries, and packaged salads sold under the Fresh Express and other brand names primarily in the United States. Shares of CQB traded higher by 2.16% or $0.2199/share to $10.41. In the past year, the shares have traded as low as $9.24 and as high as $13.68. On average, 355356 shares of CQB exchange hands on a given day and today's volume is recorded at 147485.
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