BLOOMBERG: Facebook Gets a Multi-Billion - Dollar Tax BreakSubmitted by emalvini on Fri, 02/15/2013 - 23:26
BLOOMBERG: Facebook Gets a Multi-Billion - Dollar Tax Break
By Peter Coy
February 15, 2013
It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.
Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice.