AAPL too late to the party for Q4/2012 dividends.Repatriation and then paying dividends triggers double-taxation at now-higher rates. Share buybacks and offshore investment (i.e., acquisition) are the best options, in my opinion. Share buyback has the advantage that the shareholder has the option to tender shares. Generally, I think that tax considerations should not drive investment (i.e., capital) decisions, but I would hold-off for a US reduction in corporate tax rates. Admittedly, that may not happen anytime soon.