BP takes a $32 billion write-off on the oil spill. Somehow, that doesn't seem right.
BP Taking $10 Billion Tax Credit from Gulf Spill
Credit is allowed under federal rules, company says in earnings report
BP PLC will reduce its contribution to U.S. coffers by roughly $10 billion due to a tax credit the company is claiming it incurred from the Gulf of Mexico oil spill.
The oil giant (NYSE:BP) said Tuesday that it is incurring a charge of $32.2 billion from the Deepwater Horizon disaster response, and as such, it is claiming a $9.9 billion taxation credit.
Asked in a conference call Tuesday about whether it has discussed the tax credit with President Barack Obama's administration, BP's outgoing chief executive, Tony Hayward said: "We have followed the IRS regulations as they're currently written."
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Reminds me of Seinfeld. . .