Legal Commentary

Windfall profits taxes on energy companies?

By Beldar

Here's a current affairs multiple choice question that is dirt simple:

For the second quarter of 2008, two highly pertinent financial figures reported by ExxonMobil were its net income (as calculated according to U.S. GAAP, i.e., generally accepted accounting principles) and the taxes it paid. Which of the following statements is true?

1. ExxonMobile's net income was $32.4 billion. It paid income taxes and other taxes totaling $11.7 billion.

2. ExxonMobil's net income was $11.7 billion. It paid income taxes and other taxes totaling $32.4 billion.

Full post as published by BeldarBlog on August 07, 2008 (boomark / email).