Facebook Fails to Show Up for Seventh Tax Summons From IRS
- U.S. tax officials probing 2010 rights transfer to Irish unit
- Internal Revenue Service still seeking documents from Facebook
A Two-Minute History of Facebook Since its IPO
This article is for subscribers only.
Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing.
U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and are looking at whether the company understated the value of global rights for many of its intangible assets outside the U.S. and Canada that it transferred to a subsidiary in low-tax Ireland.