The Wall Street Journal Quotes J. Walker Johnson on BP Tax Cuts

The Wall Street Journal quoted J. Walker Johnson in a July 28 article titled “BP Seeks Tax Cut on Cleanup Costs.” Mr. Johnson commented on BP’s $10 billion tax reduction on a pretax charge of $32 billion to cover damages, business claims, and cleanup costs related to the Gulf oil spill. He said, “There is nothing unusual about this, as damages of this sort are always deductible,” and added, “BP would just have to do it in such a way that any deduction being taken matched actual losses being incurred.”

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