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      "text": "INOD's Q4 2015 Earnings Call:",
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      "text": "Analyst: \"Hi, guys. Saw the report. I wanted to go over first of all with O'Neil, just in terms of a lot of accounting stuff going on in that quarter, kind of go on from that the simplest to the complex. Now why do we accrue a tax when the company was unprofitable for the quarter and also unprofitable for the year?\"\n\nFormer INOD CFO: \"Hi, Tim. Good morning. So the tax accruals comes and accounted the way our businesses structured. As I've shared in the past, we have a U.S. entity and we've got global operating subsidiaries, right. So the global operating subsidiaries, which are really this -- that do all the work for the parent company have to be compensated and the way we compensate them is on a cost-plus basis and that creates, that essentially results in the profit in the operating subsidiaries.\"\n\n\"And the reason why we have to do that as we have to pull our transfer pricing guidelines and we have point outside into external experts to guide us on the transfer pricing and the margins. And because of the profit in the international subsidiaries, we have a tax charge in those countries and it results in a taxable and we have a taxable loss in the U.S. entity. Is that clear?\"",
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      "text": "“Hi, Tim. Good morning. So the tax accruals comes and accounted the way our businesses structured. As I've shared in the past, we have a U.S. entity and we've got global operating subsidiaries, right. So the global operating subsidiaries, which are really this -- that do all the work for the parent company have to be compensated and the way we compensate them is on a cost-plus basis and that creates, that essentially results in the profit in the operating subsidiaries.” — Former INOD CFO",
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      "text": "Appendix B: INOD Former CFO's Explanation of its Cost-Plus Transfer Pricing Agreements with its Foreign Subsidiaries",
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