Asian Morning Briefing: U.S. Stocks End Up on Citigroup Earnings - Wall Street Journal - WSJ.com

Tax deductibility of banks’ big settlements with the government became an issue last fall, when J.P. Morgan Chase & Co. reached a $13 billion settlement with the government over similar issues and acknowledged that $7 billion of that amount would be deductible.

Tax deductions for settling the fraud charges against you. What lucky ducks . . . except for that $7 Billion part . . .

Bush's fault.

So...if I get a ticket, for speeding, say...for $260.00, I can deduct $140.00 of that fine from my taxes next year?

COOL!!!

Oh...I have to be a "big boy" to get those kind of deductions...

Who says taxes are for the rich only?

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M. G. Burg
'10 - Dakota SXT - Daily Ride / ≈ 172.5K
.'76 - 450SLC - 107.024.12 / < .89.20 K
..'77 - 280E - 123.033.12 / > 128.20 K
...'67 - El Camino - 283ci / > 207.00 K
....'75 - Yamaha - 650XS / < 21.00 K
.....'87 - G20 Sportvan / > 206.00 K
......'85 - 4WINNS 160 I.O. / 140hp
.......'74 - Honda CT70 / Real 125
.
“I didn’t really say everything I said.”
. . . . . . . . . . . . . . . . . . ~ Yogi Berra ~

this sounds like one of the loopholes needing to be closed up

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This post brought to you by Carl's Jr.

It's not a fine; it's more of a lawsuit settlement. And yes, small businesses can deduct losses from legal action as well.