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Exact(9)
The deferred assets could have been used to offset taxes on future profits.
Further, because these gains were one-time in nature, he said, they should not even have been used to offset a continuing business expense like marketing costs.
This long-drawn-out process seems to have been used to offset the damage done by the politically inspired destruction of Yukos, once Russia's biggest oil company.
His ties with the legislators in Austin are the stuff of legend: his charm overdose has often been used to offset the drawback that the governor of Texas doesn't formally have the power to do very much.
They did leave gifts: a new grain thresher to help dry the wheat and barley and, in the process, reduce risks of contamination; fungicide to treat the fields; and a final shipment of the iodine and selenium that had been used to offset mineral deficiencies in the children.
The credits could have been used to offset taxes on GM's current or future profits.
Similar(43)
Those losses created an unprecedented stockpile of tax credits, which banks have been using to offset against taxable income as they have moved back into profit.
He said the $300,000 was used to offset those expenses.
Those losses could be used to offset any future taxable gains made by the company.
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.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com