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.
While Facebook has supplied some documents to the tax authority, it hasn’t provided books, records, papers and other data demanded in seven summonses, the IRS said in an amended petition filed Monday at the U.S. District Court for the Northern District of California. These include a request to show up at an IRS office in San Jose on June 29.
The documents sought "may be relevant to understanding Facebook executives’ internal views regarding the transferred intangibles, Facebook’s valuation with respect to third-party investors, Facebook’s valuation with respect to the sale of stock by Facebook employees, and valuation modeling with respect to acquired companies and, and thus may be relevant to determining the value of the transferred intangibles," the IRS said in an amended declaration filed with the updated petition.
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2 comments:
Take away their IP address allotment and take them offline. They will respond then.
He's rich. He is a beneficiary of the Two Sets of Laws thing.
He and Hillary probably get together and laugh as they compare how many summonses and subpoena's they received and then ignored.
You or I ignore the IRS?
We are hounded into bankruptcy, arrested, fined, imprisoned, and generally taught a severe lesson.
THEY run for president and add another 10,000 sqaure feet to their car garage. Keep cheering!
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