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Facebook is being investigated by the IRS

Tax officials claim Facebook “understated by billions of dollars” its transfer of assets to Ireland in 2010, according to the WSJ. The IRS filed a motion in a San Francisco district court on Wednesday to gain access to records of the transfer, after multiple requests went unacknowledged by Facebook. 

Facebook isn’t alone in moving around its assets: Tech companies often do so to cut back on taxes, since corporate tax rates in countries like Ireland are barely a third of the U.S. rate. PM