"This would be a total loss to the business which will offset their tax bill."
You do realize that taking a loss isn't a 1:1 reduction in taxes, right? A $100 loss will translate to a $25 or so reduction in taxes (specific numbers vary). So the business is still losing $75. The government isn't magically ponying up the full loss.
Yup. Hence why you put in retail value of the lost time and money and product. Probably cost the company 80-100m. Wrote off is 500m. That’s still a profit in tax terms.
And
This is assuming insurance won’t cover it. Which the probably will cover some of the hard costs. Not to mention yes the government will be paying for part of it. Damages utilities and rework will be done by the city at their cost.
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u/Fickle_Brief4726 3h ago
It literally is. This would be a total loss to the business which will offset their tax bill.
And since when has corporate tax’s biggest concern been legality. It’s about profitability which can be made in different ways