jdreyer wrote on Feb 17, 2013, 19:43: Corporations are supposed to pay an alternative minimum tax of 20% if their deductions take them lower than that. Not sure why this didn't apply here, but Facebook should have paid $200m. It's shit like this (and offshoring profits to places like Ireland) that's a big contributor to the debt.
First year corps are exempt from AMT and NOLs can bring AMT taxes down to zero.
Dunno what the big deal is. ESOP deduction has been in the IRC for years (yes, before Emperor Obama and his jackbooted thugs took over). Besides, there is no corporate equivalent of EIC - the refund is probably all from estimated tax payments.