During the Current Year,the United States Files Criminal and Civil
During the current year,the United States files criminal and civil actions against Joe,the CEO of Box Corporation,and Jane,the president of Cable Corporation,for price fixing.Both enter pleas of no contest and appropriate judgments are entered.Subsequent to this action,Square Corporation sues both Box and Cable for treble damages of $6,000,000.In settlement,Box and Cable each pay Square $1,200,000.What is the maximum amount that Box and Cable may each deduct?
Troy incurs the following expenses in his business,an illegal gambling establishment: His deductible expenses are
Pat,an insurance executive,contributed $1,000,000 to the re-election campaign of Governor Stephens,in hopes that Stephens will appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct?
American Healthcare (AH),an insurance company,is trying to persuade Congress to enact nationwide anti-smoking legislation. As part of this effort,AH paid $500,000 to hire a lobbying firm to discuss its concerns with members of Congress. AH also contributed $100,000 to candidates for political office who support limiting public smoking. What amount of these expenditures can AH deduct?