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  The Tax Angle on GM Hardly any of the press coverage of General Motors' turn to a profit and preparation for a public offering has made mention of the point, but one significant factor for GM has not so much to do with the cars it makes but a lot to do with accounting. Unlike most other companies that go through bankruptcy, GM got to carry its losses though the process. That has the effect of increasing the New GM's after-tax cash flow, making the bailout look more positive, enabling quicker payback of loans, and denying taxpayers money in taxes from GM that the company might otherwise owe. TheStreet.com gets at the issue in an article on GM's planned acquisition of AmeriCredit Corp.: The Tax Angle on GM Hardly any of the press coverage of General Motors' turn to a profit and preparation for a public offering has made mention of the point, but one significant factor for GM has not so much to do with the cars it makes but a lot to do with accounting. Unlike most other companies that go through bankruptcy, GM got to carry its losses though the process. That has the effect of increasing the New GM's after-tax cash flow, making the bailout look more positive, enabling quicker payback of loans, and denying taxpayers money in taxes from GM that the company might otherwise owe. TheStreet.com gets at the issue in an article on GM's planned acquisition of AmeriCredit Corp.:
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