Facebook CEO likely owes Uncle Sam a billion dollars - FOX 8 WVUE New Orleans News, Weather, Sports

Facebook CEO likely owes Uncle Sam a billion dollars

Updated:
Facebook CEO Mark Zuckerberg-Courtesy CNN Facebook CEO Mark Zuckerberg-Courtesy CNN

New York, NY- If you're facing an income tax bill you don't like right now, consider this. Facebook CEO Mark Zuckerberg likely owes the IRS more than a billion dollars in taxes for 2012. A bill like that might make him want to unfriend Uncle Sam.

The big tax bill stems from his decision to exercise a stock option and buy more than 60 million Facebook shares when the company went public last year.

The IRS will treat those stock options as roughly $2 billion in regular income, not capital gains. Since Zuckerberg's tax rate is close to 50%, well, you do the math.

Zuckerberg knew the giant bill was coming, so he sold more than 30 million shares during Facebook's IPO to cover it, according to a Facebook regulatory filing.

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