GM can avoid federal taxes on $50 bln of profits-WSJ

DETROIT, Nov 2 (BestGrowthStock) – General Motors Co [GM.UL] will
not have to pay U.S. federal taxes on up to $50 billion of
profits for as long as 20 years, The Wall Street Journal
reported on Tuesday, citing people familiar with the matter.

With the standard federal corporate tax rate at 35 percent,
that tax break could save GM $17.5 billion, not factoring in
tax deductions, the Journal reported.

Under the Troubled Asset Relief Program, $50 billion of
losses that GM racked up before its government-funded
bankruptcy can be used to offset its future tax liabilities,
the Journal reported.
(Reporting by Deepa Seetharaman; Editing by Gary Hill)

GM can avoid federal taxes on $50 bln of profits-WSJ