Off-Topic: Hey MAVERICK

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:	Hey MAVERICK
	Date:	8/13/2010 6:27:35 PM

I do not necessarily agree. Question is to substance of the agreement. If it is agreed up settlement paid over a 4 year period then there would be a basis for a current year tax dedcution.

However, if it is a reserve fund for further potential expenses, then I do not agree as such is a contingent liability and such is not deductible till the year incurred. From a GAAP standpoint a contingent liability is recorded for book purposes when it is highly probable there is a future liability, however for tax purposes said expense is not recognized till incurred.

Another example would be a Reserve for Bad Debts, for GAAP purposes you record such reserve based on your best estimate and for tax purposes you receive a deduction when the bad debt is actually written off the book.

So question remains is the $20 billion a settlement or a reserve and I do not think any on outside BP and the US government really knows the answers, do you???

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