Facebook has been ordered to appear in court to show why it shouldn't be compelled to comply with several IRS summonses concerning the valuation of intangibles transferred to an Irish subsidiary, according to Tax Notes Today. Facebook recently received a Statutory Notice of Deficiency from the IRS related to an examination of the company's 2010 tax year. The company could owe between $3 billion and $5 billion in additional federal taxes, plus interest and penalties. Facebook says it does not agree with the position of the IRS and will file a petition in U.S. Tax Court challenging the deficiency notice. The case is United States v. Facebook Inc. and Subsidiaries (No. 3:16-cv-03777).
Please let us know
if you have any comments about this article or enhancements you would like to see.