Facebook Drops FOIA Suit on IRS Audit in Intangibles Tax Dispute

Facebook and the IRS agreed to drop a Freedom of Information Act lawsuit seeking documents associated with a tax audit that determined the social media undervalued almost $13.9 billion in intangible assets that were transferred abroad to an Irish subsidiary.

The parties filed a stipulation of dismissal with the US District Court for the Northern District of California on Sept. 12, ending the years-long Freedom of Information Act dispute.

“Each party will bear its own costs, attorney fees, and expenses,” the filing said.

The FOIA suit was filed by Facebook in 2016 to uncover documents related to the IRS’ audit ...