The IRS believes the American drugmaker used an abusive offshore scheme to avoid federal taxes. The Botched Redaction It is not clear when IRS agents first learned about the arrangement. But by last spring, the IRS chief counsel's office had determined that it violated a provision of the tax law that targets abusive profit-shifting arrangements. In a 20-page legal analysis, the IRS calculated that the offshore setup was likely to save Bristol Myers up to $1.38 billion in federal taxes. After a complex audit, the IRS often circulates its analyses to agents nationwide in case they encounter similar situations. A redacted version of the report is also made public on the IRS website, cleansed of basic information like the name of the company. But when the IRS posted its Bristol Myers report last April, it was not properly redacted. With tools available on most laptops, the redacted portions could be made visible. https://www.nytimes.com/2021/04/01/business/bristol-myers-taxes-irs.html Tricky technology. Long ago I saw content on foils (projected via overhead projector, remember those?) redacted with black magic marker. Oops—heat of projector boiled off marker, so forbidden content slowly appeared for audience. First/only multimedia presentation using foils.