WTF?! Chase CFO brags on conference call that $7B of its $13B fine will be tax deductible.
during a conference call on Tuesday, Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible. A person briefed on the case said the decision whether to credit the payments ultimately rested with the I.R.S., though public interest groups remained concerned.
In contrast, lawyers for big banks have questioned whether the Justice Department is crossing a line. The fines, they complain, are arbitrary figures meant as a kind of catharsis for the public.
Comment
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Comment by truth on November 20, 2013 at 9:17pm
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(CNNMoney) The majority of the $13 billion settlement JPMorgan struck with the government Tuesday is likely to be tax deductible<p>Here's why: Many of the costs associated with corporate legal cases are treated as deductible under the tax code, in much the same way that<strong> </strong>a company's wages or equipment expenses are.</p>
<p>That means JPMorgan will be able to reduce its tax bill because of many of the settlement payments that it must make.</p>
<p>"From 1913, our tax laws have permitted companies to deduct their 'ordinary and necessary' expenses, which include compensation and restitution payments," said Steve Rosenthal, a lawyer specializing in financial institution taxation and a visiting fellow at the <a href="http://www.taxpolicycenter.org/" target="_blank">Tax Policy Center</a>.</p>
<p>But not all types of settlement payments are deductible. For instance, companies are prohibited from deducting fines and penalties payable to the federal government.</p>
<p>"In 1969, Congress decided that allowing companies to deduct fines and similar penalties frustrated public policy, so it disallowed deductions for these payments -- and, separately, disallowed deductions for antitrust damages, illegal bribes, and kickbacks," Rosenthal said.</p>http://money.cnn.com/2013/11/19/news/companies/jpmorgan-doj-deal/
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