Leosghost - 10:58 pm on Feb 18, 2013 (gmt 0)
Bloomberg is reporting that Facebook has managed to parlay a billion-dollar profit for 2012 into a tax refund of US$429 million.
According to an analysis by Citizens for Tax Justice, The Social NetworkTM got its tax break through deductions for the cost of executive stock options and share awards. For tax purposes, these are treated the same as cash compensation to the executives.
As usual ..the comments at elreg relating to the article ..are well worth reading..not merely in relation to how facebook "waltz" the IRS..