# A brilliant tax move by Facebook co-founder **URL:** \ **Category:** Great Debates\ **Created:** [May 12, 2012, 12:13am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658 "2012-05-12T00:13:54Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![emacknight](https://avatars.discourse-cdn.com/v4/letter/e/3ec8ea/32.png) [@emacknight](https://boards.straightdope.com/u/emacknight)\ **Post date:** [May 14, 2012, 12:01am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/41 "2012-05-14T00:01:37Z")
> [@Fear\_Itself](#): > > I only want what the Founders wanted when they gave Congress the power to tax. Anyone who tries to avoid that responsibility by renouncing their citizenship should be barred from ever entering the country again. Have you bothered to think that through? You do realize that none of the people that visit the US paid US taxes before right? Would you like to set up a system where only people that pay US taxes are allowed into the US? Dude has left the country and lives some where else, why would he pay US taxes? Better yet, answer that one simple question: If he moved from California to Texas, does he still owe California money? ETA And what is with this obsession with attaching taxes to citizenship? Can anyone name another country that does it? ---
**Author:** ![Fear\_Itself](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fear_itself/32/19637_2.png) [@Fear\_Itself](https://boards.straightdope.com/u/Fear_Itself)\ **Post date:** [May 14, 2012, 12:04am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/42 "2012-05-14T00:04:20Z")
> [@emacknight](#): > > Better yet, answer that one simple question: If he moved from California to Texas, does he still owe California money? Somehow, you think there is no difference between a state and a sovereign nation, and I think it is pointless to try to disabuse you of that mistaken notion. ---
**Author:** ![Terr](https://avatars.discourse-cdn.com/v4/letter/t/839c29/32.png) [@Terr](https://boards.straightdope.com/u/Terr)\ **Post date:** [May 14, 2012, 12:44am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/43 "2012-05-14T00:44:00Z")
> [@emacknight](#): > > Do you realize how few countries continue to tax their citizens the way the US does? And not just the rich, they go after everyone. There are two countries in the world that claim they can tax their citizens no matter where they live. One is United States. The other is, I think, Libya. Or was it Philippines? ---
**Author:** ![Guinastasia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/guinastasia/32/5751_2.png) [@Guinastasia](https://boards.straightdope.com/u/Guinastasia)\ **Post date:** [May 14, 2012, 1:25am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/44 "2012-05-14T01:25:35Z")
> [@emacknight](#): > > No, what you wrote is being childish. He payed taxes as a resident of the US, once he leaves why should he continue? You don’t pay taxes to Singapore, or a different state, or a different county. Would he still obtain the benefits of being a citizen? (Social security, medicare, etc), at least if he came back? If so, then yes, he should pay taxes. > [@](#): > > Like I asked **Fear Itself** , if this dude had moved from California to Texas, does he continue to owe something to California? How long after he’s left should they continue to get their pound of flesh? Pretty simple question that quickly eats away at your beef with the Facebook guy. We’re talking about _federal_ taxes, not _state_ taxes, and I think you know that. For a crude analogy, look at citizenship as a club. You have a membership in a club, and you obtain these benefits by paying dues (taxes). You can leave the club temporarily, or go somewhere else, but as long as you’re still on the membership roster, you’re required to pay dues. After all, you’re still entitled to obtain the benefits of said club. Well, wait a minute, you say! I don’t want to pay these dues anymore! Well, fine. But then you no longer can be a member of this club. You have to give up your membership. Okay, fine, no problem. HOWEVER, that means you’re no longer allowed to stay in the clubhouse, and enjoy the same benefits that other members pay for. You can’t stay for free, that’s not fair to everyone else. > [@emacknight](#): > > ETA And what is with this obsession with attaching taxes to citizenship? Can anyone name another country that does it? Why don’t you go and find it, it’s your question. IIRC, American taxes are actually pretty low compared to other countries. ---
**Author:** ![suranyi](https://avatars.discourse-cdn.com/v4/letter/s/e36b37/32.png) [@suranyi](https://boards.straightdope.com/u/suranyi)\ **Post date:** [May 14, 2012, 2:08am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/45 "2012-05-14T02:08:35Z")
While I understand Saverin’s position, it still saddens me. My parents went through a lot of trouble to become US citizens. And when I say a lot, I mean a LOT. They survived the Holocaust, then they escaped Communism during the Hungarian uprising of 1956. They spent time in a refugee camp in Austria before finally getting permission to immigrate to the US. So I just can’t take US citizenship lightly. ---
**Author:** ![TokyoBayer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tokyobayer/32/13989_2.png) [@TokyoBayer](https://boards.straightdope.com/u/TokyoBayer)\ **Post date:** [May 14, 2012, 2:47am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/46 "2012-05-14T02:47:14Z")
> [@Terr](#): > > There are two countries in the world that claim they can tax their citizens no matter where they live. One is United States. The other is, I think, Libya. Or was it Philippines? I keep hearing North Korea, and that there are only a handful of countries. I’m sure a google search could answer the question, but either way, for those of us who live overseas for legitimate reasons, and not simply as a tax dodge, it’s a pain in the ass to file the documents. Were I making a lot of money and living in a place which had low income taxes, then I would have to actually pay US taxes. When a Japanese citizen, who has enjoyed the benefits of citizenship, including receiving a public education and protection from fires, crime and foreign invaders, migrates to America, he or she is solely responsible for US taxes. Of course, this is something which is difficult for people to understand, so I don’t openly bitch about it, much. More of an inconvenience than anything else. Anyway, back to Eduardo Saverin. I see this as part of the way that the tables are stacked to the rich. I think that since the value of Facebook increased during the time he was in America, and part of the increase was because of the work he did in America, that _in fairness_, the tax on his capital gains should go to America. But I recognize that the tax code is not about being fair or not. ---
**Author:** ![Little\_Nemo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/little_nemo/32/3120_2.png) [@Little\_Nemo](https://boards.straightdope.com/u/Little_Nemo)\ **Post date:** [May 14, 2012, 5:02am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/47 "2012-05-14T05:02:20Z")
> [@emacknight](#): > > You guys have a very strange attachment to citizenship. But I guess if you’re life plan is to never ever leave the US under any circumstances than I could see your point. I’ve got both Canadian and Irish citizenship and could have US citizenship next year if I wanted. But I don’t want it because the IRS will haunt me for the rest of my life, regardless of where I reside. Neither Canada nor Ireland do that. So if I ever plan to live somewhere else than US citizenship is a huge burden. Like I said, it’s a personal opinion. And I agree that the US law on this subject is wrong. But giving up your citizenship over a tax issue? That I just don’t understand. To me, it would be the equivalent of divorcing your wife because there was a tax advantage to being single. It might be true, but some issues are bigger than taxes. However, I understand there are people who have a different priority than I do on the issue of taxes. I remember reading once somebody who wrote that their biggest concern over dying was the high rate on estate taxes. Really? Your biggest concern in regards to your own mortality is your tax situation? It boggles the mind. ---
**Author:** ![Lord\_Feldon](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lord_feldon/32/341_2.png) [@Lord\_Feldon](https://boards.straightdope.com/u/Lord_Feldon)\ **Post date:** [May 14, 2012, 5:59am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/48 "2012-05-14T05:59:52Z")
> [@Little\_Nemo](#): > > But giving up your citizenship over a tax issue? That I just don’t understand. To me, it would be the equivalent of divorcing your wife because there was a tax advantage to being single. It might be true, but some issues are bigger than taxes. People have done that, though. My grandparents divorced to avoid Medicaid spend-down rules. (They had been separated for many years, though, so their remaining marriage was just a legal arrangement that ended up getting in the way. And I’d imagine that some US citizens living abroad feel the exact same way about their citizenship.) ---
**Author:** ![BigT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bigt/32/12044_2.png) [@BigT](https://boards.straightdope.com/u/BigT)\ **Post date:** [May 14, 2012, 11:46am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/49 "2012-05-14T11:46:35Z")
Using a loophole to evade your taxes is not in any way something to be proud of. It’s the reason our society is so messed up. I don’t have a problem with rich people. I have a problem with people for whom making money is their sole motivator. I have a problem with there being all this wealth in the world and still people dying because they can’t get something that costs less that $10. ] Throwing in that the U.S. debt is caused by these people not contributing their fair share, and likely made the recession much worse than it should have been, and I don’t know how I could not have distaste for these people. They cause problems with the rest of the world because they are so dadblasted selfish. ---
**Author:** ![Damuri\_Ajashi](https://avatars.discourse-cdn.com/v4/letter/d/898d66/32.png) [@Damuri\_Ajashi](https://boards.straightdope.com/u/Damuri_Ajashi)\ **Post date:** [May 14, 2012, 3:47pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/50 "2012-05-14T15:47:07Z")
> [@Terr](#): > > No it won’t. What he’s doing is completely legal. Before the IPO his stock is worth 0, officially. What he is doing is 100% legal and his pre-IPO stock is worth a hell of a lot more than $0, officially. Neither facebook nor My Saverin gets to make the determiniation of the value of the stock. The IRS does that and he can challenge that determination in court. In this case we have an active market value for the stock so value is really easy to establish and defend. > [@Desert\_Nomad](#): > > The US compels people to leave with is overbearing tax laws. I know I would never keep all my money in the US… and I am American. It doesn’t matter where you keep your money if you are an American. > [@emacknight](#): > > Singapore has no capital gains tax. He’s saving a lot more than a few extra percent. Thats assuming that the value of his assets increases. > [@](#): > > Sure he can. As a billionaire with friends at Facebook he can pretty easily get permanent residence. A few years later he can apply for citizenship. Not really sure taht’s true. IIRC renouncing citizenship made you persona non grata here. > [@Terr](#): > > The article is wrong on that. > > [http://www.hantzmonwiebel.com/live\_data/documents/ruling-59-60.pdf](http://www.hantzmonwiebel.com/live_data/documents/ruling-59-60.pdf) > > Read Section 8. > > Then consider that Facebook has a restrictive repurchase agreement setting a price of $0.01 per share. This restrictive agreement expires upon IPO. > Wrong. Considering that there is an actual market for facebook shares I doubt the IRS will see things your way. For what its worth, I don’t think Saverin is trying to avoid facebook capital gains taxes. He just doesn’t spend a lot of time here and doesn’t really see a need to be a US citizen if it means filing a US tax return every year. > [@Lochdale](#): > > Brickbacon is correct. It’s a facts and circumstances test which wil result in his paying taxes. By the way, I deal with mark-to-market issues on a daily basis so happy to discuss in detail. > > Renouncing citizenship is sort of like dying as far as the IRS is concerned. They will get their cut before he leaves. Its not like dying, its like selling everything you own the day before expatriation and recognizing all built in gains. > [@Terr](#): > > No, he’s exactly right. The exit tax treats the shares as if they were sold. Before the IPO, their value, according to the Facebook’s restrictive repurchase agreement is $0.01 per share. Facebook doesn’t dictate the value that the IRS puts on this stock any more than companies can dictate the value of stock options that are granted to their executives. > [@Terr](#): > > They are wrong because they don’t seem to be aware of the restrictive repurchase agreement of Facebook’s that values pre-IPO shares at $0.01. If you can point me to anything contradicting this, (like someone selling his Facebook shares back to Facebook for more than $0.01 per share), please do. If only tax planning were that simple. > [@emacknight](#): > > No, he’s giving up citizenship because he’s living in Singapore and doesn’t want to ALSO pay taxes to the US. No one else in Singapore has to, why should he? Plenty of people in Singapore pay US taxes. > [@](#): > > He’s not living here, why does he owe anyone anything? Because our tax laws say so. > [@emacknight](#): > > Should everyone in the world pay into the US tax system if they in some way benefit from US patent law? If a Canadian writes a song that makes it big in the US, how much should that Canadian pay into the US income tax system? Its called withholding taxes on royalties and licensing fees. > [@](#): > > Saverin paid taxes in the US while he was a resident, after he stops being a resident why should he keep paying? The expatriation tax taxes you on gains you accrued while you were a resident not on gains you acrrue after you leave. > [@emacknight](#): > > Nothing really, it’s just a bit silly. You didn’t choose to be American, you were born that way. It’s also a little outdated and wreaks of tribalism. Some of us chose to become American. > [@BigT](#): > > Using a loophole to evade your taxes is not in any way something to be proud of. It’s the reason our society is so messed up. Its a symptom, not a cause. ---
**Author:** ![Terr](https://avatars.discourse-cdn.com/v4/letter/t/839c29/32.png) [@Terr](https://boards.straightdope.com/u/Terr)\ **Post date:** [May 14, 2012, 3:58pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/51 "2012-05-14T15:58:15Z")
> [@Damuri\_Ajashi](#): > > What he is doing is 100% legal and his pre-IPO stock is worth a hell of a lot more than $0, officially. > > Neither facebook nor My Saverin gets to make the determiniation of the value of the stock. The IRS does that and he can challenge that determination in court. In this case we have an active market value for the stock so value is really easy to establish and defend. There is no “active market value for the stock”. The secondary markets for it are shut down, and the facebook’s restrictive repurchase agreement values it at $0.01. ---
**Author:** ![Damuri\_Ajashi](https://avatars.discourse-cdn.com/v4/letter/d/898d66/32.png) [@Damuri\_Ajashi](https://boards.straightdope.com/u/Damuri_Ajashi)\ **Post date:** [May 14, 2012, 5:24pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/52 "2012-05-14T17:24:13Z")
> [@Terr](#): > > There is no “active market value for the stock”. The secondary markets for it are shut down, and the facebook’s restrictive repurchase agreement values it at $0.01. Well, then the exact value might be harder to pin down but it won’t be zero. The trading restriction is merely one factor among many in determining the value and frankly it is probably a fairly minor factor compared to recent trading values. Will anyone lend you money based purely on the collateral value of the stock? Then the value is not zero. The fact that there are temporary trading restrictions on the stock of a 100 billion dollar company does not make the company worth a penny a share. So a week ago facebook has a market value approaching $100 billion but because facebook is stopping that trading pending an IPO, the stock is now almost worthless because you can’t trade the stock until that IPO occurs? Go on pull the other one, it has bells on it. ---
**Author:** ![Terr](https://avatars.discourse-cdn.com/v4/letter/t/839c29/32.png) [@Terr](https://boards.straightdope.com/u/Terr)\ **Post date:** [May 14, 2012, 5:28pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/53 "2012-05-14T17:28:10Z")
> [@Damuri\_Ajashi](#): > > So a week ago facebook has a market value approaching $100 billion but because facebook is stopping that trading pending an IPO, the stock is now almost worthless because you can’t trade the stock until that IPO occurs? Go on pull the other one, it has bells on it. The “exit tax” values the stock as if it was sold at the time the tax is assessed (at the time of renunciation of the citizenship), not at some future time. If there is no way to sell the stock at the time the tax is assessed except for $0.01 back to Facebook, then that is the value of the stock, according to IRS rules. You’re right, his stock is not “worthless”. It is worth about $400K. The taxes from that would be around $60K. ---
**Author:** ![brickbacon](https://avatars.discourse-cdn.com/v4/letter/b/898d66/32.png) [@brickbacon](https://boards.straightdope.com/u/brickbacon)\ **Post date:** [May 14, 2012, 5:46pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/54 "2012-05-14T17:46:40Z")
> [@Terr](#): > > There is no “active market value for the stock”. The secondary markets for it are shut down, and the facebook’s restrictive repurchase agreement values it at $0.01. They _asked_ the main secondary markets to stop facilitating trading about a month ago in order to ease valuation concerns for the IPO. Those markets likely did that only because they wish to not ruffle the feathers of powerful people. There is nothing to preventing anyone from selling their Facebook stock now, nor is there any reason I cannot buy it from a willing seller. Regardless, the idea that missing a month or two of actual market prices means the IRS will value the stock at $.01 is laughable. Furthermore, the if you google “Facebook restrictive repurchase agreement”, there is only one result (aside form this thread): this [forum](http://www.elitetrader.com/vb/showthread.php?threadid=242379&perpage=6&pagenumber=3) which it seems you either quoted, or vice-versa. But let’s just assume such an agreement exists, and it says what you say it does. It does not apply as Facebook is likely not going to be considered a “closely held corporation”, nor are “market quotations are not available”. Your argument makes no sense whatsoever. \*And I don’t know you work at Hantzmon Wiebel, but I would imagine they don’t want people linking to stuff on their website to make what is by all accounts a terrible argument. That said, I repeat my earlier proposal. If you are so sure that you have it right, put some real-life money on the line. Instead of idiotically repeating what I would argue is a thoroughly debunked claim that flies in the face of the testimony of several experts (and common sense) why don’t you put your money where your mouth is? How much do you want to bet his Facebook stock will not be valued at a penny? ---
**Author:** ![suranyi](https://avatars.discourse-cdn.com/v4/letter/s/e36b37/32.png) [@suranyi](https://boards.straightdope.com/u/suranyi)\ **Post date:** [May 14, 2012, 6:23pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/55 "2012-05-14T18:23:37Z")
> [@Terr](#): > > The “exit tax” values the stock as if it was sold at the time the tax is assessed (at the time of renunciation of the citizenship), not at some future time. If there is no way to sell the stock at the time the tax is assessed except for $0.01 back to Facebook, then that is the value of the stock, according to IRS rules. You’re right, his stock is not “worthless”. It is worth about $400K. The taxes from that would be around $60K. Your fallacy is thinking that when the IRS takes Mr. Saverin to court, the judge won’t see this as an obvious trick to get out of paying his taxes. No reasonable financial expert would say that his shares were worth only $0.01 on that day. ---
**Author:** ![billfish678](https://avatars.discourse-cdn.com/v4/letter/b/7bcc69/32.png) [@billfish678](https://boards.straightdope.com/u/billfish678)\ **Post date:** [May 14, 2012, 6:48pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/56 "2012-05-14T18:48:35Z")
> [@suranyi](#): > > Your fallacy is thinking that when the IRS takes Mr. Saverin to court, the judge won’t see this as an obvious trick to get out of paying his taxes. No reasonable financial expert would say that his shares were worth only $0.01 on that day. This. The IRS/gubment/pretty much any organization can be counted on to do several things. First, what is generally in their best interest (give us your millions/billions!). Second, interpret laws/rules to their advantage. If the letter of the law is what gives em more money, thats the arguement they will make. If the spirit of the law is what will net them more money, then that is what they will argue. Sure, this guy may argue that the stocks were technically only worth a penny and he MAY win, but I cannot imagine the IRS going down without a fight. ---
**Author:** ![UltraVires](https://avatars.discourse-cdn.com/v4/letter/u/ecccb3/32.png) [@UltraVires](https://boards.straightdope.com/u/UltraVires)\ **Post date:** [May 15, 2012, 2:55am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/57 "2012-05-15T02:55:24Z")
Terr, since my house is not publicly traded on an exchange, can I sell it to my wife with the stipulation that she must give me a right of first refusal in a sale for a penny? And then reduce my property tax? Will the county assessor value my house at one penny? ---
**Author:** ![Terr](https://avatars.discourse-cdn.com/v4/letter/t/839c29/32.png) [@Terr](https://boards.straightdope.com/u/Terr)\ **Post date:** [May 15, 2012, 3:05am UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/58 "2012-05-15T03:05:15Z")
> [@brickbacon](#): > > It does not apply as Facebook is likely not going to be considered a “closely held corporation” Wrong. [http://skepsi-news.com/2011/01/goldman-sachs-limits-facebook-deal/](http://skepsi-news.com/2011/01/goldman-sachs-limits-facebook-deal/) Goldman said the decision not to conduct a private placement of the shares of **Facebook, a closely held company** , in the United States was solely its own and was not required or requested by any other party. [http://www.bloomberg.com/news/2011-06-14/u-s-bill-would-raise-shareholder-limit-for-closely-held-facebook-twitter.html](http://www.bloomberg.com/news/2011-06-14/u-s-bill-would-raise-shareholder-limit-for-closely-held-facebook-twitter.html) Eight U.S. lawmakers backed a bill that would allow\*\* closely held firms including Facebook Inc. \*\*and Twitter Inc. to have as many as 1,000 shareholders before being required to file public financial statements. ---
**Author:** ![Damuri\_Ajashi](https://avatars.discourse-cdn.com/v4/letter/d/898d66/32.png) [@Damuri\_Ajashi](https://boards.straightdope.com/u/Damuri_Ajashi)\ **Post date:** [May 15, 2012, 1:40pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/59 "2012-05-15T13:40:43Z")
> [@Terr](#): > > The “exit tax” values the stock as if it was sold at the time the tax is assessed (at the time of renunciation of the citizenship), not at some future time. If there is no way to sell the stock at the time the tax is assessed except for $0.01 back to Facebook, then that is the value of the stock, according to IRS rules. You’re right, his stock is not “worthless”. It is worth about $400K. The taxes from that would be around $60K. “All property of a coverede expatriate will be treated as if sold on the day before expatriation date for its fair market value” Section 877A(a). See the words “fair market value” in there? These sort of provisions aren’t some new novel trick that Facebook came up with to thwart the tax code. It is a fairly common provision that has been around for at least 60 years. The concept of restricted stock is not new and even in cases that purport to make the stock worthless upon transfer before a certain date (vesting period) the IRS has still been able to assess a value above zero. ---
**Author:** ![Damuri\_Ajashi](https://avatars.discourse-cdn.com/v4/letter/d/898d66/32.png) [@Damuri\_Ajashi](https://boards.straightdope.com/u/Damuri_Ajashi)\ **Post date:** [May 15, 2012, 1:42pm UTC](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658/60 "2012-05-15T13:42:20Z")
> [@Terr](#): > > The “exit tax” values the stock as if it was sold at the time the tax is assessed (at the time of renunciation of the citizenship), not at some future time. If there is no way to sell the stock at the time the tax is assessed except for $0.01 back to Facebook, then that is the value of the stock, according to IRS rules. You’re right, his stock is not “worthless”. It is worth about $400K. The taxes from that would be around $60K. > [@Terr](#): > > Wrong. > > [http://skepsi-news.com/2011/01/goldman-sachs-limits-facebook-deal/](http://skepsi-news.com/2011/01/goldman-sachs-limits-facebook-deal/) > > Goldman said the decision not to conduct a private placement of the shares of **Facebook, a closely held company** , in the United States was solely its own and was not required or requested by any other party. > > [http://www.bloomberg.com/news/2011-06-14/u-s-bill-would-raise-shareholder-limit-for-closely-held-facebook-twitter.html](http://www.bloomberg.com/news/2011-06-14/u-s-bill-would-raise-shareholder-limit-for-closely-held-facebook-twitter.html) > > Eight U.S. lawmakers backed a bill that would allow\*\* closely held firms including Facebook Inc. \*\*and Twitter Inc. to have as many as 1,000 shareholders before being required to file public financial statements. This is getting ridiculous. Someone get Rand Rover in here. Maybe Terr will believe a fellow traveller. [Previous page](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658.md?page=2) [Next page](https://boards.straightdope.com/t/a-brilliant-tax-move-by-facebook-co-founder/621658.md?page=4)