U.S. Justice Department suing Facebook over asset transfers to I - WDRB 41 Louisville News

U.S. Justice Department suing Facebook over asset transfers to Ireland

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LOUISVILLE, Ky. (WDRB) -- The U.S. Justice Department is suing Facebook.

The IRS wants information about Facebook's asset transfer to Ireland in 2010. The IRS suspects Facebook and its accounting firm understated the value by billions of dollars to reduce its tax payments.

The transfers included assets such as Facebook's user base, online platform, and marketing intangibles.

An IRS Investigator says Facebook has failed to comply to produce records needed.

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