NEW YORK (TheStreet) -- Facebook (FB) - Get Report could owe the IRS $3 billion to $5 billion in additional taxes over the transfer of assets to Ireland in 2010, Fox Business Network's Cheryl Casone reported on "Mornings with Maria Bartiromo" Friday.
The IRS is investigating the company's taxes from 2008 to 2013, according to the filing.
The IRS notified Facebook two days ago, the same day Facebook released second quarter earnings with profits that tripled year over year to $2.06 billion, Casone said.
Facebook disagrees with the IRS and plans to file a petition in U.S. Tax Court saying the amount of tax liability the company would owe was not previously known, according to a statement.
The stock hit a record high on Thursday, beating Berkshire Hathaway (BRK.A,BRK.B) by market cap, Casone noted.
Facebook officials failed to provide the IRS with documents after receiving seven notices that demanded the company hand over corporate records, books, papers and other data, the IRS said in the filing.
Shares of Facebook are down by 0.17% to $124.78 this morning.
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Separately, TheStreet Ratings team set this stock as a "buy" with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. TheStreet Ratings team feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FB