Three men were arrested at their homes Tuesday and charged with bilking an investor, dangling special access to Facebook shares prior to the social network’s initial public offering as bait.
How much federal and state income tax did Facebook pay in 2012? If you guessed, “zero,” you were correct, and if you guessed that the social network received $429 million in net tax refunds, you get extra credit.
Do you remember all that tax money Facebook Co-Founder Eduardo Saverin was set to save on Facebook’s initial public offering by renouncing his U.S. citizenship and establishing residency in Singapore? Not so fast, said Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.).
Facebook Co-Founder Eduardo Saverin is no longer a U.S. citizen, and that move may save him millions of dollars in taxes once the social network’s initial public offering takes place, slated for next Friday.