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BP plc Message Board

  • ndavenport_mba ndavenport_mba Feb 17, 2011 7:04 PM Flag

    TAX EVASION OR BP CLAIM?

    The typical fisherman has this dilema:

    Tax return 2009 shows $300K income and $250K expenses, net $48K, or 4K per month
    Tax return 2008 shows $250K income and $220K expenses, net $30K.

    Now the fisherman files a claim for 5 months lost income at $500K, whereas net income from most recent tax return shows $4K per month or $20K lost income over 5 months.

    If BP acknowledges the $500K claim as legit, the IRS sues for tax evasion and the fisherman goes to jail after paying millions of dollars in back taxes. If BP rejects the claim, then the guy has to go to court and under oath explain how his prior tax return does not accurately reflect the true income without risking purgery and tax evasion.

    Claimants are angry? Over what? That the law does not allow them to rip off IRS and BP at the same time?

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    • Addendum: And it makes it worse when the fisherman showing $4K per month net income was paid $20k per month by BP as part of the clean-up. So where is the lost income?

    • Looks like Fienberg gets two goes at the apple with the People on the Gulf, after Hurricane Katrina and now the BP Oil Spill.

      ==================================

      http://www.feinbergrozen.com/

      Kenneth R. Feinberg
      Founder, Managing Partner

      Mr. Feinberg founded Feinberg Rozen, LLP in 1992. He has been involved in resolving thousands of disputes involving a wide range of interests and clients. In the commercial sector, Mr. Feinberg designed, implemented and administered an ADR settlement Program involving Liberty Mutual Insurance Company, Zurich N.A. Insurance Company and Hurricane Katrina and other Gulf hurricane claimants. He also has served as Distribution Agent for AIG Fair Fund claimants, and has been the Fund Administrator for a variety of claimant funds totaling more than $1 billion. In his capacity as an arbitrator, Mr. Feinberg helped determine the fair market value of the original Zapruder film of the Kennedy assassination, and legal fees in Holocaust slave labor litigation.

    • Repeat: There are not enough legitimate claims for BP to put out $20B of funds. So the question for the claimants trying to get an illigitimate piece is Tax Evasion or BP Claim?

      Who wants to play? Stakes include jail time and IRS tax liens.

    • Good one!

    • "That the law does not allow them to rip off IRS and BP at the same time?"

      ==============================

      BTW,

      How much is BP and Exxon paying in taxes?

    • Addendum 2:

      Another failed mention. What if one of the other companies RIG or Andarko or Halliburton ultimately has some share in the liability. As it stands BP has taken 100% so anything less than 100% is an instant BP direct credit to earnings = more potential windfall profits.

      There are so many ways BP can hit the jackpot, why would you bet against the obvious favorable odds?

    • Ndav, you have a lot of persuasive arguments and I give you credit for trying, but Stakeholder is someone whose mind is still trapped in June/July 2010. He refuses to acknowledge or accept any facts or data that show that this incident is not the 'end of the world environmental catastrophe' that some people were predicting (or hoping for, in order to achieve their anti-fossil fuel agenda) and has the view that anyone who disagrees with his views must be a BP shill and/or paid off by BP.

    • Persuasive? I am destroying his arguments and exposing his logic. If this were a debate, the score would be 100 to 0.

      I am good with the victims types, at using their own data, their own arguments, and their own logic against them. This guy is giving me infinitely easy material.

    • Why if I was so inclined to buy an oil stock why would I not buy Exxon instead of this Exxon wanabe called BP?

      Where is BP's future reserves going to come from the Gulf of Mexico, the Russian Arctic, Lybia?

      Please tell us?


      .

    • BP Future Reserves?

      Analogy: After computer interface technology goes to verbal inputs/outputs, what will happen to Apple? Microsoft?

      When most common chemicals are banned due to global warming, what will happen to P&G, Clorox, and chemical manufacturers?

      In this case, demand for oil, unless you, your neighbors, your family and everyone you know just decided to walk in the snow to the store, and fly on your bike (not an airplane) cross country on vacation, demand for oil will always push politics toward allowing oil companies to extract and refine oil for basic consumption. Of all the examples by analogy, oil is clearly the most compelling and most difficult to replace.

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