[EGPWS]

Despite causing an historic oil spill in the Gulf of Mexico last year, BP plans to reduce its tax bill by almost $13 billion by writing off its losses.

If they didn't make it on a net basis, how can they pay taxes on it?

I'm sure there are some in Washington active in finding a way for companies to pay taxes on nothing..

[muawiyah]

You can tax "turnover" ~ "gross income" ~ "excess reserves".

That's quite enough ~ plenty of ways to tax folks who lost money.