The current US system has little slack because processes are extremely complex with huge fixed costs and unlimited liability.

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With the latter two tests satisfied, all that separates X Co. from a 2012 bonus deduction is the first test: the fact of the bonus liability must be fixed during 2012.

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Example: Lenders could face liability for pushing balloon mortgages to retirees living on a fixed income, or for committing debt-laden borrowers to loans with monthly payments that exclude taxes and insurance.

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