St Louis Home Loans and Mortgage Refinancing: Huge Tax Breaks For GM
St Louis Mortgage and Real Estate News –
St Louis Finance and Loan Modification News: General Motors Gets Sweetheart Tax Break
St Louis Home Mortgage and Commercial Loans | Principal Loan Reduction
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Reduction
The United States government is giving a sweetheart deal to General Motors worth approximately $14 billion in tax revenue.
The company posted their first profitable year since 2004 according to St Louis finance experts.
But GM won't have to worry about being hit with a big tax bill on earnings because billions in previous
losses will shelter it from taxes for years to come.
That break will reduce GM's U.S. tax bill by an estimated $14 billion in the coming years and its global taxes by close to $19 billion, according to a company filing.
Companies typically get a tax break on future taxes because of past losses.
But in most cases they lose that tax break during bankruptcy, because the losses are offset by the "income" the company receives from shedding its debt.
Since the company shed $30 billion in debt during bankruptcy, it should have wiped out most of the tax break.
GM even warned it expected to lose those tax breaks shortly before filing for Chapter 11 protection.
But somehow, that never happened, and the automaker was able to keep most of its tax breaks, essentially receiving a $14 billion "gift" from the government.
While it's unclear why the automaker was allowed to carry over its losses, some experts insist that GM got preferential treatment.
"A lot of things were done differently here" said Heidi Sorvino, head of the bankruptcy practice at Lewis Brisbois Bisgaard & Smith.
She said that the tax break was just another example of how GM's bankruptcy process was unlike any previous bankruptcies.
One reason the government might have let General Motors claim the loss, was to reduce the perceived cost of the bailout, said Linus Wilson, finance professor at the University of Louisiana at Lafayette.
By allowing GM to carry over its losses, the reduced tax collections from the company were unlikely to be counted under most accountings.
But the question has to be asked: Where are these types of free financial "gifts" or write-offs for the small and medium business owner in this country?
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Articles and News Sponsored by Liberty Lending Consultants
When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available.Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan. Sponsored by:
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