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Facebook will pay no U.S. income tax for 2012 according to Citizens for Tax Justice, a tax advocacy group. Facebook made $1 billion in U.S. profit before taxes last year.
Citizens for Tax Justice (CTJ) say that Facebook will receive a tax refund of nearly $430 million because of tax deductions from stock options that Facebook gave to its employees.
Companies can use tax deductions from stock options to offset their profits and also apply those losses to previous years.
According to independent tax experts CTJ hasn’t told the whole facts and they are mixing tax law and corporate accounting policies together.