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Subscribe to this threadGM's $39 billion loss further explained
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DJ @ Nov 8th 2007 1:46PM
Really, the point here is the adjustment recorded this quarter and in the past doesn't matter, the possible future benefit that may be derived from the tax losses didn't just disappear (unless tax code changes), they just aren't recognized until realized. They will still be disclosed on their financials (as they were in the past), but just not on their Balance Sheet (short form 'BS' perhaps says it all).
All financial reporting includes a mix of cash and non-cash items and you can not attach yourself to the bottom line without looking at the financial reporting as a whole.