Off-Topic: TAX 101

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	Name:	Jim Dandy -
	Subject:	TAX 101
	Date:	7/27/2010 8:30:18 AM

Generally, contingency reserves are not deductable for tax purposes until paid. A $20B reserve would have to be recorded for GAAP (financial) reporting, but only the $7B paid is a tax deduction. Still yields a $2.45B tax benefit.

Other messages in this thread:

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ACCOUNTING 101 - lotowner - 7/26/2010 9:06:53 AM

TAX 101 - Jim Dandy - 7/27/2010 8:30:18 AM

TAX 101 - Maverick - 7/27/2010 3:15:34 PM

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