IRS Escapes Facebook's $7B Suit Over Blocked Tax Appeal
Law360, Los Angeles (May 15, 2018, 3:49 PM EDT) -- A California federal judge has granted the Internal Revenue Service's motion to dismiss a $7 billion lawsuit brought by Facebook Inc. that alleged the IRS unjustly denied the social media company's right to appeal the agency's decision to adjust its taxes after an audit of its returns.
U.S. Magistrate Judge Laurel Beeler said in an opinion Monday that Menlo Park, California-based Facebook was incorrect in claiming a right to contest in the IRS Office of Appeals an IRS finding that undervalued intangible property the company transferred to its Ireland-based subsidiary by about $7 billion on its returns between 2008 and 2010, concluding...
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