Facebook’s argument against a $9 billion U.S. tax bill does nothing for the social network’s reputation, writes GinaChon.
A U.S. Tax Court trial over whether Facebook shifted profits overseas to lower its tax bill started on Feb. 18 in San Francisco. The U.S. Internal Revenue Service argues that the company owes $9 billion in additional taxes, including interest and penalties.
The case relates to the structure the company set up before it went public in 2010, including an Irish subsidiary that faced a lower tax rate than its U.S. parent. Facebook argues that its intellectual property assets held there should have a lower value because the company’s future was uncertain then. The company reported a $7 billion valuation, while the IRS recently assessed a $21 billion price tag.
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