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BLOOMBERG: Facebook Gets a Multi-Billion - Dollar Tax Break

Submitted by emalvini on Fri, 02/15/2013 - 23:26
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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.

Read more: http://www.businessweek.com/articles/2013-02-15/facebook-get...


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ecorob's picture

Want to know what is WRONG with America.

Submitted by ecorob on Sat, 02/16/2013 - 04:27.

Look no further than this.

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its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!

Defeat CORKER! Bailed out the banks. In training to steal more.
Defeat ALEXANDER! Career traitor! Handsomely rich in a poor Nation.