Friday, March 29, 2013

mark Z could have 1 billion tax bill

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Mar 29, 2013, 9:52am PDT Updated: Mar 29, 2013, 2:57pm PDT

Think you’ve got it bad? Mark Zuckerberg faces a $1 billion tax bill


Mark Zuckberg may be on the line for a $1.1 billion tax bill this year.
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Bloomberg
Mark Zuckberg may be on the line for a $1.1 billion tax bill this year.
By Luke Stangel
Facebook CEO Mark Zuckerberg could be on the hook for a $1.1 billion tax bill come April 15, based solely on his company’s IPO last year.
When his company went public back in May 2012, Zuckerberg sold 30.2 million shares, earning $1.1 billion. In a regulatory filing at the time, Facebook said the sale was to help Zuckerberg cover his 2013 tax bill.
Zuckerberg personally made $3.2 billion off of the IPO, most of which is taxable, so while it’s impossible to say exactly how much Zuckerberg will end up paying Uncle Sam, CNN Money reports his final tax bill will most likely exceed $1 billion.
In a recent estimate, California state budget forecasters said they would likely rake in $1.5 billion in taxes related to the Facebook IPO alone.
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