tl;dr: 1. Bizarre and byzantine legal entity structures. 2. Capital structures that overwhelmingly favor debt over equity. 3. Keeping cash overseas. 4.

tl;dr: 1. Bizarre and byzantine legal entity structures. 2. Capital structures that overwhelmingly favor debt over equity. 3. Keeping cash overseas. 4. Trafficking in tax losses, sort of. 5. Creative transfer pricing.