The federal suit alleged that Facebook, which later became Meta, overpaid to acquire Instagram in 2012 and WhatsApp in 2014 as part of a strategy to eliminate social networking competitors.
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Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Silicon Valley's Mark Zuckerberg, Brian Acton and Dustin Moskovitz see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments.
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