Under IRS rules, BP is entitled to a deferred tax benefit for the loss it will incur related to the Deepwater Horizon drilling rig explosion. But there is more at play than tax and accounting rules.
Robert Willens, CFO.com | US
July 30, 2010
This is an interesting post as Congress may in fact decide to make a case of BP and like Goldman Sachs, not allow BP to deduct the expenses. This is a tricky situation considering BP's actions all fall under standard tax practice; yet, beyond tax and accounting rules BP has been considered at fault for the biggest oil spill in history. It will be interesting to see how this situation plays out. www.blogs.vbpoutsourcing.com
Posted by Marcelle Green | August 05, 2010 12:27 pm© CFO Publishing Corporation 2009. All rights reserved.