Bloomberg writes that it hasn’t drawn much attention, but Facebook’s first annual
earnings report contains an accounting gem: a multibillion-dollar tax deduction
for the cost of executive stock options and share awards.
Even though Facebook (FB) reported $1.1 billion in pre-tax
profits from U.S. operations in 2012, it will probably pay zero federal and
state taxes—and even receive a federal tax refund of about $429
million—according to a Feb. 14 statement from Citizens for Tax Justice….
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