General Electric Co. refuted a statement claiming the company would return a “$3.2 billion tax refund” for 2010, following criticism of its tax rates and policies. “It is a hoax,” said Anne Eisele, a GE spokeswoman. The statement, which purported to be from GE Communications, claimed the Fairfield, Connecticut-based company was responding to a “public outcry” and would “allow the public to decide how to spend” the returned money. [Bloomberg]
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to access Dealbreaker
Pretty neat! I read it as a real news earlier this morning – was very suprised it would happen. Thanks for the clarification.
Isn’t effective tax rate like one of the best predictors of profits?
Is no one taking notice, according to my notes there is a fiduciary duty to shareholders that only GE is not neglecting.
– CFA L1 3XCandidate
I didn’t know writting a check to the IRS in the amount of $0.00 qualified as “paying taxes”.
I’m guessing the hoax stemmed from someone misreading GE’s 10K. Glancing at 2010 right now, they had a decrease in DTL of $4.2 billion and income tax expense of $1 billion–someone probably subtracted one number from the other and came up with a $3.2 billion “refund”.
I’m guessing the hoax stemmed from someone misreading GE’s 10K. Glancing at 2010 right now, they had a decrease in DTL of $4.2 billion and income tax expense of $1 billion–someone probably subtracted one number from the other and came up with a $3.2 billion “refund”.
I’m guessing the hoax stemmed from someone misreading GE’s 10K. Glancing at 2010 right now, they had a decrease in DTL of $4.2 billion and income tax expense of $1 billion–someone probably subtracted one number from the other and came up with a $3.2 billion “refund”.
I’m guessing the hoax stemmed from someone misreading GE’s 10K. Glancing at 2010 right now, they had a decrease in DTL of $4.2 billion and income tax expense of $1 billion–someone probably subtracted one number from the other and came up with a $3.2 billion “refund”.
I’m guessing the hoax stemmed from someone misreading GE’s 10K. Glancing at 2010 right now, they had a decrease in DTL of $4.2 billion and income tax expense of $1 billion–someone probably subtracted one number from the other and came up with a $3.2 billion “refund”.
I hope Immelt himself presents the Treasury with an oversized check for $0.00 lottery-style every year just to rub it in.
I hope Immelt himself presents the Treasury with an oversized check for $0.00 lottery-style every year just to rub it in.
Well if you take 2009 tax expense + 2010 tax expense, GE will still be getting a refund this year.
-AIG FP Tax Quant
We should talk.
-UBS Wealth Mgmt.
I’m not certain who’s stupider – the person who floated the absurd story that GE would “return a $3.2 billion tax refund” due to “public outcry” and “allow the public to decide how to spend” it, or someone who’d believe it, even for a moment.