IRS Expert Defends His 2010 Facebook Valuation At Tax Trial

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By Dorothy Atkins (May 12, 2022, 10:21 PM EDT) — An expert hired by the IRS defended his valuation analysis of Facebook during a multibillion-dollar trial Thursday over the social media giant’s 2010 tax bill, testifying that his $32.8 billion valuation — $3 billion higher than Facebook’s own number — relied on revenue projections approved by Facebook executives, board members and auditors.

Carl Saba, a partner at the San Francisco-based accounting firm Hemming Morse LLP, was the latest witness to take the stand in the hotly contested tax dispute, which involves license agreements between Facebook and its Irish subsidiary over the value of intangible property such as trademarks and copyrights….

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