Social media sites Facebook and LinkedIn are enjoying massive tax breaks on stock options, according to recent reports.

Facebook’s first “10-K” annual financial report since going public last year disclosed in its footnotes that despite $1.1 billion in U.S. profits in 2012, the Menlo Park, Calif.-based company did not pay any federal and state income taxes. Instead, Facebook said it will receive net tax refunds totaling $429 million, according to a report by the advocacy group Citizens for Tax Justice.

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