General Motors posted a third-quarter net loss of $39 billion today, translating to $68.85 per share, compared to the 2006 figures of $147 million for 26 cents per share.

The losses were attributed to unclaimed tax credits as well as the loss of GMAC, its finance subsidiary. The automaker's total revenue declined to $43.8 billion from the figure of $48.9 billion one year ago.

Removing the items classes as "one-time," General Motor's net loss totaled $1.6 billion, equaling $2.80 a share.

According to sources at GM, the one-time charge was incurred by three years' worth of cumulative losses. Three years had passed since the automaker began taking charges to restructure its operations in the U.S., with the move wiping out all deferred tax credits for the period.

However, if GM returns to a profitable condition, accounting rules will still let the company claim the credits and apply the amounts to offset taxes in the future.

Fritz Henderson, Chief Financial Officer for General Motors told reporters, "Nothing has changed in terms of the economics of the business."

Henderson did point to the troubled U.S. housing market as pulling down auto sales, which seem set to total 16 million units, the lowest annual figure in ten years.