Tax
Apr. 23, 2016
BP and tax deductible damages
Now, that a judge has approved BP's $20 billion settlement over the spill, it is appropriate to look at the overall societal costs, as well as the bottom line to BP. By Robert W. Wood
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The gulf oil spill in 2010 was cataclysmic. Now, that a judge has approved BP's $20 billion settlement over the spill, it is appropriate to look at the overall societal costs, as well as the bottom line to BP. And at tax time, people understandably think about their own taxes, too.
The government struck a $20 billion settlement with BP, which is a big number. Yet BP should be able to deduct the vast majority, a whopping $1...
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