Loren Ponds Discusses Facebook's $9 Billion Tax Dispute with IRS in Bloomberg Talking Tax Podcast
"Breaking Down Facebook's $9 Billion Tax Fight With IRS"
Bloomberg Talking Tax Podcast
Tax Member Loren Ponds discussed Facebook's long-running tax dispute with the IRS on this episode of Talking Tax podcast with reporters Jeffery Leon and Aysha Bagchi. The social media giant is fighting IRS allegations that the company undervalued intangible assets that were contributed to a cost-sharing arrangement with its Irish subsidiary. It is one of a string of high-profile cases the IRS is fighting against multinationals over transfer pricing – the value of assets transferred among related corporate entities. Ponds discussed the Facebook case, how it differs from the high-profile IRS loss against Amazon.com Inc., and what the court might decide on this long-running legal dispute.