Those losses could be used to offset any future taxable gains made by the company.
WJRJ's losses could be used to offset the taxes on the profits of Turner's billboard business.
And new tax credits available to help pay premiums cannot be used to offset the penalty.
While the phantom losses can be used to offset income from other sources, they cannot be used to offset the phantom income, leaving their holder with a tax bill and no resulting cash.
Under current law, net operating losses can eventually be used to offset some taxes once a company is profitable.
Charitable gift deductions can also be used to offset capital gains on the sale of an asset.
And, perhaps most important, can public money be used to offset tuition at schools sponsored by religions?
It can be used to offset the risk a pension fund faces with the risk a water utility faces.
They can be used to offset profits this year -- if mutual funds are fortunate enough to have any.
The difference, Mr. Domanico said, would save the city $100 million, which presumably could be used to offset the layoffs.
America's tax code allows losses amassed during the meltdown (with some restrictions) to be used to offset future tax bills.
