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Report: Zuckerberg may owe $1B in taxes
(NEWSCHANNEL 3) - It might be time for Facebook founder Mark Zuckerberg to 'unfriend' Uncle Sam.
The Facebook CEO is expected to owe the IRS more than $1 billion in taxes for 2012.
The enormous bill stems from his decision to exercise a stock option and buy more than 60 million Facebook shares when the site went public.
Right now, it's not exactly clear what he'll owe, but we do know the IRS will treat his stock options as income--translating to roughly $2 billion.
Zuckerberg knew the giant tax bill was coming, so he sold more than 30 million shares during Facebook's IPO to cover it, according to a Facebook regulatory filing.