LEDE: The Internal Revenue Service for the past three years has been investigating Facebook's transfer of billions of dollars worth of properties to Ireland.
The investigation was revealed in a lawsuit the government filed this week, asking the court to force the social media giant to hand over documents related to the probe. The IRS said that budget constraints and foot dragging by Facebook delayed the investigation.
The ongoing probe is aimed at finding out whether Facebook lawyers in 2010 lowballed the value of its online platform and international user base when it transferred the rights to that property to its holding company in Ireland, a popular tax destination for U.S. tech companies.
The IRS review is ongoing, but Facebook pushed back on an early government finding that lawyers had undervalued the transferred property by billions of dollars. In a statement Thursday, Facebook said it complies with all "rules and regulations."
'LIMITED WINDOW' IN INTERNET DOMAIN FIGHT: Sen. Ted CruzRafael (Ted) Edward CruzThe Hill's Morning Report - Presented by National Industries for the Blind - Schumer: Dem unity will happen eventually; Newsom prevails The Memo: Like the dress or not, Ocasio-Cortez is driving the conversation again Ocasio-Cortez defends attendance of Met Gala amid GOP uproar MORE (R-Texas) issued a call to action on Thursday for supporters to oppose the government's planned handoff of oversight over the internet domain name system. Cruz said Congress has a "limited window" to stop it this year and that "Congress doesn't have to sit by and let this happen."
FREEDOM CAUCUS ENDORSES: Cruz announced that the House Freedom Caucus on Thursday formally endorsed his legislation, which would require the approval of Congress before the transition goes forward.
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KAMALA HARRIS BACKS FCC PRIVACY PLAN: The office of California Attorney General Kamala Harris, who is running to succeed Barbara BoxerBarbara Levy BoxerFormer California senator prods Feinstein to consider retirement Trump decries 'defund the police' after Boxer attacked Former Sen. Barbara Boxer attacked in California MORE (D-Calif.) in the Senate, backed Federal Communications Commission Chair Tom Wheeler's privacy proposal for broadband providers in comments on Wednesday. "The current 'notice and choice' privacy regime too often has resulted in unnoticeable notices and illusory choices," an official in her office said. "In going beyond that regime, the proposed rule for broadband internet access providers (commonly known as ISPs) will better meet consumers' needs." New York Attorney General Eric Schneiderman's office previously backed the proposal, which would place greater restrictions on broadband providers.
FACEBOOK LIVE VIEWS OF POLICE SHOOTING NEAR TOP 3.7M: A video of the aftermath of the shooting of Minnesota man Philando Castile has been viewed more than 3.7 million times, USA Today reports. The live video was filmed by Castile's girlfriend after he had been shot. The officer's shooting of Castile is the latest to draw attention to police shootings involving black men. The video briefly disappeared from Facebook, but the site quickly restored it with a warning that its content was graphic. The company cited a technical glitch as the reason it disappeared from the service.
TINDER, FOR GETTING A NEW JOB: In lighter fare, Bumble, a Tinder-esque dating app that requires women to send the first message, is expanding into professional network-building. The company will use the same swipe-right mechanic that has become a hallmark of it and similar applications. The new feature puts it into conflict with LinkedIn, which has become the professional social network of choice. Time has the story.
IN CASE YOU MISSED IT:
A top Senate Republican took to the floor on Thursday to amplify his questions about whether Federal Communications Commission Chairman Tom Wheeler authorized a March leak about the commission's activities.
One-third of adults in the U.S. say they trust the news they get from social media, with 4 percent saying they trust it a lot, according to a new survey.
The Senate Commerce Committee will scrutinize the Federal Communications Commission's proposal for new privacy rules on broadband providers at a hearing next Tuesday.
Google and the technology industry more broadly have been accused of age discrimination, and the government is starting to take notice.
The House approved legislation early Thursday morning that includes a provision to create guidelines for prohibiting access to pornography on federal government computers.
The hacker who exposed Hillary ClintonHillary Diane Rodham ClintonAttorney indicted on charge of lying to FBI as part of Durham investigation Durham seeking indictment of lawyer with ties to Democrats: reports Paul Ryan researched narcissistic personality disorder after Trump win: book MORE's use of a personal email account never gained access to her private server, FBI Director James Comey testified Thursday.