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General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion.
GM, which plans to begin promoting its relisting on the stock exchange to investors this week, wiped out billions of dollars in debt, laid off thousands of employees and jettisoned money-losing brands during its U.S.-funded reorganization last year.
Now it turns out, according to documents filed with federal regulators, the revamping left the car maker with another boost as it prepares to return to the stock market. It won't have to pay $45.4 billion in taxes on future profits.
But the government, in a little-noticed ruling last year, decided companies that received bailout money under the Troubled Asset Relief Program won't fall under that rule.
"The Internal Revenue Service has decided that the government's involvement with these companies, both its acquisitions plus its disposals of their stock, means they should be exempt" from the rule, said Robert Willens, a New York tax consultant who advises investment banks and hedge funds.
From your link:
But the government, in a little-noticed ruling last year, decided companies that received bailout money under the Troubled Asset Relief Program won't fall under that rule.
"The Internal Revenue Service has decided that the government's involvement with these companies, both its acquisitions plus its disposals of their stock, means they should be exempt" from the rule, said Robert Willens, a New York tax consultant who advises investment banks and hedge funds.
Wasn't TARP Bush's brainchild?
From your link:
But the government, in a little-noticed ruling last year, decided companies that received bailout money under the Troubled Asset Relief Program won't fall under that rule.
"The Internal Revenue Service has decided that the government's involvement with these companies, both its acquisitions plus its disposals of their stock, means they should be exempt" from the rule, said Robert Willens, a New York tax consultant who advises investment banks and hedge funds.
Wasn't TARP Bush's brainchild?
Yep, although the Banks paid back most of the TARP money Obama is just speading it on other bullshitTARP is now Obama's political slush fund.
