Facebook Inc. is challenging the federal government’s claim that it underpaid taxes, possibly by more than a $3 billion, due to the way it valued assets transferred to its Irish subsidiary in 2010.
The company’s lawyers at Baker & McKenzie filed court papers in U.S. Tax Court Tuesday indicating the company is contesting claims from the Internal Revenue Service that it undervalued assets transferred to Facebook Ireland Holdings Ltd. by about $7 billion in order to pay lower tax rates.
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