Tax Deductible Expenses: The BP Case

Sherlock, Molly F.

Library of Congress. Congressional Research Service.

关键词: Taxation;    Tax deductions;    Income;    Tax credits;    British Petroleum;   

RP-ID  :  R41365
RP-ID  :  R41365_2010Aug11

美国|英语

来源: UNT Digital Library

【 摘 要 】

Following the release of BP's second quarter earning statement, which showed a $10 billion reduction in tax liability for oil-spill-related cleanup and expenses, media headlines have generated public concern, and in some cases outrage, over these tax savings. Further, the ability of BP to realize these tax savings has generated a number of inquiries as to how and why BP is entitled to this reduction in tax liability. This report discusses the nature of BP's $10 billion "credit" and the nature of corporate tax deductions.