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	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???

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

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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

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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

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