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Discussion Starter #1
Not sure if we have any accountants here or not, but I need a hand.

What did GM pay in Income Taxes in 2005?

Statement of Cash Flows

Did they not pay taxes b/c Net Income is a loss? If that's the case why isn't there a line item for taxes paid in 04 or 03 when the company actually posted a profit?

Thanks in advance.

HD
 

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Income tax paid is up higher in the Consolidated Statements, but it is somewhat on the complex side... :eek: Income tax breakdown is down on page II-87. Very confusing though... Looks like a total of ($16,931,000). So what in the hell does that mean? How can Income Tax Paid be a negative number?
 

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Discussion Starter #3
southpark460 said:
Income tax paid is up higher in the Consolidated Statements, but it is somewhat on the complex side... :eek: Income tax breakdown is down on page II-87. Very confusing though... Looks like a total of ($16,931,000). So what in the hell does that mean? How can Income Tax Paid be a negative number?
How can you pay income taxes on a net loss? :idunno:
 

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There is quite a bit of explanation in Note 12. On the Income Statement it should reflect a net tax credit in loss years, depending on taxes paid in prior profitable years, depending on the basis for those taxable earnings.
 

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bwhip said:
There is quite a bit of explanation in Note 12. On the Income Statement it should reflect a net tax credit in loss years, depending on taxes paid in prior profitable years, depending on the basis for those taxable earnings.
:thumb:
 
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