May 12, 2022, 9:33 PM
Facebook’s tax battle with the IRS resumed virtually at the US Tax Court on Thursday, focusing on the company’s business valuation efforts in the early 2010s.
The dispute centers on the tech giant’s 2010 tax bill over the value of intangible assets, such as trademarks, technology, and other marketing materials the company transferred to an Irish subsidiary. The IRS claims these intangible assets are worth $13.8 billion, more than double what Facebook originally claimed. A win for the IRS would leave Facebook on the hook for up to $9 billion in taxes.
The trial, which began in-person in …