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This would be counted as a loss for this years tax purposes. So they will pay fewer taxes this year.
by randyrand 10y ago
This would be counted as a loss for this years tax purposes. So they will pay fewer taxes this year.
- sokoloff 10y agoSettlements that are classified as penalties are generally not tax deductible. Settlements that are classified as remedial/restorative generally are. This was no doubt a topic of discussion and planning before the settlement was entered into. The article repeatedly refers to it as a "penalty", but it's unclear if that's colloquial or specifically informed language.