The Resource Deductibility of illegal payments, fines, and penalties, Rachel L. Partain, Esq., Mark D. Allison, Esq., Caplin & Drysdale, Chartered, New York, NY ; a revision of an earlier version by Thomas D. Sykes, Esq., Greenberg Traurig, LLP, Chicago, Illinois

Deductibility of illegal payments, fines, and penalties, Rachel L. Partain, Esq., Mark D. Allison, Esq., Caplin & Drysdale, Chartered, New York, NY ; a revision of an earlier version by Thomas D. Sykes, Esq., Greenberg Traurig, LLP, Chicago, Illinois

Label
Deductibility of illegal payments, fines, and penalties
Title
Deductibility of illegal payments, fines, and penalties
Statement of responsibility
Rachel L. Partain, Esq., Mark D. Allison, Esq., Caplin & Drysdale, Chartered, New York, NY ; a revision of an earlier version by Thomas D. Sykes, Esq., Greenberg Traurig, LLP, Chicago, Illinois
Creator
Contributor
Author
Issuing body
Subject
Genre
Language
eng
Summary
" ... consists of two elements, broadly speaking. First, this Portfolio discusses several limitations on the ability to deduct certain paid or accrued expenses under [section] 162(a). Specifically, in Parts I through VII, the Portfolio explores [section] 162(c), [section] 162(f), and [section] 162(g), which specifically address the deductibility of bribes, kickbacks, and other illegal payments; fines and penalties; and federal antitrust civil damage payments. Broadly speaking, payments made to officials or employees of a foreign government are not deductible if the payments are unlawful under the Foreign Corrupt Practices Act of 1977. Payments made to officials or employees of any government other than a foreign government are not deductible if the payments constitute an illegal bribe or illegal kickback. Similarly, no deduction is allowed for any payment made to a person who is not an officer or employee of a government if the payment constitutes an illegal bribe, an illegal kickback, or other illegal payment under any U.S. law, or under any generally enforced state law, if the law subjects the payor to a criminal penalty or the loss of a license or privilege to engage in a trade or business. Deductions are also not allowed for any bribes, kickbacks, or rebates by any person who furnishes items or services for which payment is or may be made under Medicare, or in whole or in part out of federal funds under Medicaid, if such bribes, kickbacks, or rebates, are made in connection with the furnishing of such items or services or the making or receipt of such payments. Deductions are also disallowed for fines or similar penalties paid to a government for the violation of any law unless they fall into a narrow set of statutory exceptions. Finally, deductions are limited for antitrust treble damage payments made pursuant to the Clayton Act if the taxpayer either was convicted in a criminal proceeding of violating certain federal antitrust laws, or entered a plea of guilty or nolo contendere to an indictment or information charging such a violation. Second, in Part VIII, this Portfolio discusses whether the subsections of [section] 162(a) discussed in Parts I through VII are the only grounds on which deductions for the expenses described therein may be disallowed."
Member of
Cataloging source
BNA
Characteristic
updating web site
http://library.link/vocab/creatorName
Partain, Rachel L
Entry convention
integrated entry
LC call number
KF6289.A1
LC item number
T35 no. 524-2nd (INTERNET)
Nature of contents
  • dictionaries
  • bibliography
Regularity
complete irregular
http://library.link/vocab/relatedWorkOrContributorName
  • Allison, Mark D.
  • Stoneman, Christopher G.
  • Sykes, Thomas D.
  • Tax Management Inc
Series statement
U.S. income portfolios
Series volume
524-2nd
http://library.link/vocab/subjectName
  • Income tax deductions
  • Corporations
  • Corporations
Label
Deductibility of illegal payments, fines, and penalties, Rachel L. Partain, Esq., Mark D. Allison, Esq., Caplin & Drysdale, Chartered, New York, NY ; a revision of an earlier version by Thomas D. Sykes, Esq., Greenberg Traurig, LLP, Chicago, Illinois
Instantiates
Publication
Note
Authors: Christopher G. Stoneman ; revised by Thomas D. Sykes, <Oct. 10, 2008>
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Detailed Analysis. Deductibility of Illegal Payments, Fines, and Penalties: General Principles and Background -- Deductibility Under [section] 162(c)(1) of Illegal Payments to Foreign and Non-Foreign Government Officials and Employees -- Deductibility Under [section] 162(c)(2) of Illegal Payments to Persons Other Than Government Officials or Employees -- Deductibility Under [section] 162(c)(3) of Kickbacks, Rebates, or Bribes Relating to the Medicare or Medicaid System -- Deductibility of Fines and Penalties Under [section] 162(f) -- Deductibility of Payments Made Pursuant to the Clayton Act Under [section] 162(g) -- The 'All-Inclusiveness' of the Public Policy Considerations Under [section] 162(c), (f) and (g) -- Working papers
Dimensions
unknown
Extent
1 online resource
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Publication frequency
Updated irregularly
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)261396627
Label
Deductibility of illegal payments, fines, and penalties, Rachel L. Partain, Esq., Mark D. Allison, Esq., Caplin & Drysdale, Chartered, New York, NY ; a revision of an earlier version by Thomas D. Sykes, Esq., Greenberg Traurig, LLP, Chicago, Illinois
Publication
Note
Authors: Christopher G. Stoneman ; revised by Thomas D. Sykes, <Oct. 10, 2008>
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Detailed Analysis. Deductibility of Illegal Payments, Fines, and Penalties: General Principles and Background -- Deductibility Under [section] 162(c)(1) of Illegal Payments to Foreign and Non-Foreign Government Officials and Employees -- Deductibility Under [section] 162(c)(2) of Illegal Payments to Persons Other Than Government Officials or Employees -- Deductibility Under [section] 162(c)(3) of Kickbacks, Rebates, or Bribes Relating to the Medicare or Medicaid System -- Deductibility of Fines and Penalties Under [section] 162(f) -- Deductibility of Payments Made Pursuant to the Clayton Act Under [section] 162(g) -- The 'All-Inclusiveness' of the Public Policy Considerations Under [section] 162(c), (f) and (g) -- Working papers
Dimensions
unknown
Extent
1 online resource
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Publication frequency
Updated irregularly
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)261396627

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