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What is a Deferred Tax Credit Noncash Charge, Anyway?

The NYT is a general-interest newspaper, which should be comprehensible to a broad reading public. And certainly me. But even the NYT can't seem to explain clearly what's going on at GM. What does this mean?

DETROIT, Nov. 7 — General Motors reported its largest quarterly loss ever today after it took a huge noncash charge to write down deferred tax credits.

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