Citizens for Tax Justice, Facebook's Multi-Billion Dollar Tax Break: Executive-Pay Tax Break Slashes Income Taxes on Facebook– and Other Fortune 500 Companies:

Earlier this month, the Facebook Inc. released its first “10-K”
annual financial report since going public last year. Hidden in the
report’s footnotes is an amazing admission: despite $1.1 billion in U.S.
profits in 2012, Facebook did not pay even a dime in federal and state
income taxes.

Instead, Facebook says it will receive net tax refunds totaling $429 million. Facebook’s income tax refunds stem from the company’s use of a single
tax break, the tax deductibility of executive stock options. That tax
break reduced Facebook’s federal and state income taxes by $1,033
million in 2012, including refunds of earlier years’ taxes of $451
million.

• Bloomberg, Facebook Gets a Multibillion-Dollar Tax Break
• Board Advisory, Facebook’s Multi-Billion Dollar Tax Break
• Business Insider, Here's Why Facebook Is Getting A Refund On Its Income-Tax Bills
  
• Daily Mail, Facebook to Pay NO Tax For 2012 and Will Even Get Tax Refund of $429m Despite $1BN Profits
• Forbes, How The Tax Code Grew To 70,000 Pages: Dems Seek To Limit 'Facebook' Deduction for Stock Based Compensation
• Fox News,
  Facebook Paid No Taxes Despite Record Profits
• Huffington Post,
  Facebook Paid No Income Taxes In 2012

(Hat Tip: John Stanley.)