TaxProf Blog: Rasmusen Presents The Lawlessness of the GM NOL Ruling

http://taxprof.typepad.com/taxprof_blog/2011/02/rasmussen.html

After the government joined private parties in purchasing most of General Motors’s property, the Secretary of the Treasury issued “the EESA Notices” which said that the usual tax rules would not apply and the purchasers could deduct $45 billion from their future corporate income, a tax asset worth an estimated $16 billion. The notice gave no justification for the exception, except that the TARP act gives the Secretary authority to do what is “necessary or appropriate to carry out the purposes of EESA.”

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