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originally posted by: HardCorps
a reply to: Hoosierdaddy71
From Forbes
BofA Grabs $12 Billion Tax Write-Off From $17 Billion Mortgage Settlement
It's not just me saying it...
Again BOA will take 12 billion in write- offs incurred from the 17 billion dollar government imposed Mortgage Settlement...
Not everyone is pleased that BofA gets to pass on $4 billion to taxpayers, though the $4 billion figure was confirmed by a bank spokesman. Some lawmakers and consumer advocates say the DOJ and regulators need to take taxes into account in touting the settlement figures.
originally posted by: EyesOpenMouthShut
a reply to: Hoosierdaddy71
Pay now, get a tax break from it later. how is that any different?
originally posted by: butcherguy
a reply to: HardCorps
From you Forbes link:
_javascript:quote()
Not everyone is pleased that BofA gets to pass on $4 billion to taxpayers, though the $4 billion figure was confirmed by a bank spokesman. Some lawmakers and consumer advocates say the DOJ and regulators need to take taxes into account in touting the settlement figures.
It says it right there, 4 Billion dollars. That is how much they will not be paying in taxes, because they are allowed to write off 12 Billion dollars. They will not be paying taxes on what they are allowed to write off, saving them 4 Billion.
Assuming BofA does not deduct the $5.02 billion in civil penalties, the bank’s deduction is worth $4.0705 billion. If the bank succeeds in writing off the full $16.65 billion, including the civil penalties, its write-off is worth $5.8275 billion.
originally posted by: HardCorps
a reply to: Hoosierdaddy71
actually it says
Assuming BofA does not deduct the $5.02 billion in civil penalties, the bank’s deduction is worth $4.0705 billion. If the bank succeeds in writing off the full $16.65 billion, including the civil penalties, its write-off is worth $5.8275 billion.
US. PIRG has a better write up on how this is all playing out, tax wise-- and their fear if BoA will manage to write off the entire amount
originally posted by: butcherguy
a reply to: HardCorps
From you Forbes link:
_javascript:quote()
Not everyone is pleased that BofA gets to pass on $4 billion to taxpayers, though the $4 billion figure was confirmed by a bank spokesman. Some lawmakers and consumer advocates say the DOJ and regulators need to take taxes into account in touting the settlement figures.
It says it right there, 4 Billion dollars. That is how much they will not be paying in taxes, because they are allowed to write off 12 Billion dollars. They will not be paying taxes on what they are allowed to write off, saving them 4 Billion.
In general, fines and penalties paid to the government are not deductible, and in this case that agreed civil penalty is $5.02 billion.
originally posted by: Hoosierdaddy71
originally posted by: HardCorps
a reply to: Hoosierdaddy71
actually it says
Assuming BofA does not deduct the $5.02 billion in civil penalties, the bank’s deduction is worth $4.0705 billion. If the bank succeeds in writing off the full $16.65 billion, including the civil penalties, its write-off is worth $5.8275 billion.
US. PIRG has a better write up on how this is all playing out, tax wise-- and their fear if BoA will manage to write off the entire amount
If they have better accountant's than the feds...witch they prolly do..lol
originally posted by: HardCorps
originally posted by: Hoosierdaddy71
originally posted by: HardCorps
a reply to: Hoosierdaddy71
actually it says
Assuming BofA does not deduct the $5.02 billion in civil penalties, the bank’s deduction is worth $4.0705 billion. If the bank succeeds in writing off the full $16.65 billion, including the civil penalties, its write-off is worth $5.8275 billion.
US. PIRG has a better write up on how this is all playing out, tax wise-- and their fear if BoA will manage to write off the entire amount
If they have better accountant's than the feds...witch they prolly do..lol
Way, way better than me!!!
All this tax law crap make's my head hurt!
Lets go get a beer and spend the rest of the day discussing the virtues and vices of big boobs on skinny waitresses...