The Us Takes Facebook To Court Over 9 Billion In Allegedly Unpaid Taxes
The US’ Internal Revenue Service (IRS) says Facebook intentionally “downplayed” intellectual property (IP) it transferred to a subsidiary in Ireland in 2010. Facebook valued that IP, which reportedly includes software and trademarks, at $6.5 billion. The IRS, on the other hand, maintains that number should’ve been closer to $21 billion. [READ: Czech gov wants to slap a 7% ad tax on internet giants like Google and Facebook] Tax authorities say the move essentially shifted a huge chunk of Facebook’s profits from the US to Ireland, which meant the social media giant avoided paying America’s 35% corporate tax rate on its deflated numbers — instead being liable for just 12....