Off-Topic: Schedule M

Bear Creek Reservoir Topics

(Bear Creek Reservoir Specific)

9 messages

Updated 11/3/2023 6:12:58 AM

Off-Topic

Lakes Online Forum

83,605 messages

Updated 4/25/2024 9:33:24 PM

Boat Maintenance

Lakes Online Forum

5,193 messages

Updated 4/3/2024 3:47:36 AM

Bear Creek Reservoir Fishing

(Bear Creek Reservoir Specific)

0 messages

Updated

Jokes

Lakes Online Forum

4,169 messages

Updated 4/15/2024 11:05:05 PM

Sports

Lakes Online Forum

4,260 messages

Updated 3/24/2024 9:24:45 AM

Grilling & Recipes

Lakes Online Forum

2,976 messages

Updated 3/20/2024 11:53:43 PM

Tallapoosa River Topics

Lakes Online Forum

98 messages

Updated 4/15/2024 1:00:58 AM

Forum Usage Rules

Welcome, Guest

Select View Mode: [ classic | beta | recent ]

	Name:	Maverick -
	Subject:	Schedule M
	Date:	8/13/2010 1:46:38 PM

Will I am not a Dem by any means, I would have to say the following:

- Will BP get a tax break for the $20 million - Yes, if they actually end up paying such.
- Are they entitled under the tax law to received tax benefits related to NOLs - Yes

- Will they receive at tax benefit for all the monies being paid out to settle individual claims- Yes

- Will all the claim recipients have to pay taxes on said monies (hope these folks realize such) - Yes

But what I will say I would be willing to bet that if BP takes the entire $20 billion escrow as a tax deduction this year (as monies are being paid out over 4 years), they are opening themselves up for IRS audit / litigation. As I still say said payments are deductible in the year incurred, similar to reserves for discontinued operations, and other such reserves.

Now with all that said did Obama drop the ball on this, yes. As what he should have agreed to is the $20 billion and not tax benefit. Sort of like what was agreed to with other companies in the past that have settled with the SEC.

Other messages in this thread:

View Entire Thread

Did Obama stick it to BP? - water_watcher - 8/12/2010 7:14:15 PM

Did Obama stick it to BP? - GoneFishin - 8/12/2010 8:54:46 PM

Did Obama stick it to BP? - water_watcher - 8/12/2010 10:12:29 PM

Did Obama stick it to BP? - water_watcher - 8/12/2010 10:18:32 PM

Did Obama stick it to BP? - lotowner - 8/13/2010 8:33:50 AM

Schedule M - Maverick - 8/13/2010 1:46:38 PM

Hey MAVERICK - GoneFishin - 8/13/2010 5:30:40 PM

Hey MAVERICK - Maverick - 8/13/2010 6:27:35 PM

Hey MAVERICK - water_watcher - 8/13/2010 9:23:07 PM

Did Obama stick it to BP? - MartiniMan - 8/14/2010 9:00:07 AM

Quick Links
Bear Creek Reservoir News
Bear Creek Reservoir Photos
Bear Creek Reservoir Videos