Thursday, February 14, 2013

One-sided Relationship with Facebook?

What a sweetheart deal for Mark Zuckerberg.  According to research and advocacy group Citizens for Tax Justice, Facebook paid no net corporate income taxes last year. The social networking site will take in $429 million in net tax refunds for the year, the report said, citing Facebook's annual financial report. The company earned $1.1 billion in U.S. corporate profits last year. Facebook reportedly reduced its tax burden mainly by taking advantage of the tax deductibility of executive stock options, linked to its initial public offering last year.

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