Thursday, October 29, 2009
Colt v. US
COLT INDUSTRIES, INC., Plaintiff/Cross-Appellant, v. THE UNITED STATES, Defendant-Appellee
No. 89-1165
UNITED STATES COURT OF APPEALS FOR THE FEDERAL CIRCUIT
880 F.2d 1311; 1989 U.S. App. LEXIS 10672; 89-2 U.S. Tax Cas. (CCH) P9450; 64 A.F.T.R.2d (RIA) 5231; 30 ERC (BNA) 1179; 19 ELR 21450
July 24, 1989, Decided
Taxpayer was assessed civil penalties in a consent decree because it failed to eliminate violations of the Clean Air Act. In satisfaction of the civil penalties imposed by the consent decree, the taxpayer remitted payment. The taxpayer then claimed the payment as an ordinary business deduction under I.R.C. § 162(a).
Does anything more clearly demonstrate the fact businesses see non-compliance fines as just an ordinary business cost?
Labels:
administrative law,
civil fines,
civil law,
compliance,
EPA,
fines,
law,
taxes
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