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Reddit: Return Of The Junk Stock IPO
(www.forbes.com)
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this post was submitted on 12 Mar 2024
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So, they are likely very poorly managed but, R&D is a common slushfund to keep your profit negative so you don't have to pay taxes.
which makes sense if the r&d gives return on investment.
otherwise you'd be better off paying tax and taking the profits anyway.
R&D is also a fairly big tax break companies can use.