Facebook founder Mark Zuckerberg owes Uncle Sam $1.1 billion in taxes, according to reports.
Chief executive Zuckerberg made $13 billion in his company's initial public offering, according to the New York Daily News. Apparently with a 48.3 percent tax rate, Zuckerberg owes the country $1.1 billion. Facebook declined to comment on the taxes.
The odd part is that the news comes after Facebook dodged a $1.1 billion tax bill and gained a $429 million tax refund, according to Bloomberg Businessweek. The tax break is nothing unusual for companies or corporations. However, that tax break doesn't extend to executive officers and personal fortunes.
So how did Zuckerberg afford the tax bill? After cashing out the $13 billion after the IPO, he then sold more than 30 million shares which netted the $1.1 billion to pay his tax bill, according to an SEC filing.
