Reverse payment settlement opponents had placed a great deal of emphasis on the Cipro case as a cure-all solution.
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McGowen, who lacked knowledge and experience in tax law, reasonably believed that a portion of her settlement payment was not taxable and in good faith did not report that portion of the settlement payment on her 2006 return.
As part of any larger reform, the Congress should consider granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems.
Of course, like other central banks, the Federal Reserve continues to monitor systemically important payment and settlement systems and to compare their performance with international standards for reliability, efficiency, and safety.
Instead, we rely on a patchwork of authorities, largely derived from our role as a banking supervisor, as well as on moral suasion, to help ensure that the various payment and settlement systems have the necessary procedures and controls in place to manage the risks they face.
Using unique alphanumeric identifiers for financial firms would improve OTC derivatives markets, make it easier for regulators to see aggregated risk, and, once systems were changed over, would simplify record keeping, improve operational efficiency for firms and eliminate a lot of reconciliation work, according to a report the BIS issued from the Committee on Payment and Settlement Systems and the Technical Committee of IOSCO.
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The important thing here is that the advance payment on the second year is calculated from the settlement payment for the first year.
Hallford's lawyer in the Liberty National suit, Stephen Gudac, argues the settlement payment was for "mental anguish "and other not taxable compensation.
What ensued was an enlightening analysis by the Tax Court regarding what drives the deductibility of a corporate settlement payment: the consequences or the origin of the claim.
Instead, the court applied the long-standing principle that it is the origin of the claim, rather than the consequences to the taxpayer from a failure to defeat the claim, that drives whether a settlement payment is a deductible business expense.
Such an admission, if it were ever to be made, would usually occur orally as part of the sheepish smile, half-hearted handshake, and shrug that would accompany the handing over of a settlement payment from the offending party to the victim.
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Since any gains over the course of a swap agreement are considered unrealized until the next settlement date, timely payment from the counterparty determines profit.
That makes the payment stream look like a property settlement.
Also included is a new Department of Defense (DOD) General Provision that would authorize the Secretary of the Navy to receive and retain payment in-kind for the settlement of the longstanding A-12 aircraft contract litigation.
There will likely be some sort of new federal settlement that involves the payment of some money that likely will not be very material to JPMorgan Chase earnings, along with promises of regulatory safeguards that sound good but can be circumvented, as an end to all this, so that federal authorities can try to make it seem like they got their pound of flesh.
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Often, that settlement comes with a sizeable payment from the brand-name company to the generic drugmaker.
When the IRS said the payment was taxable, she argued the settlement was just like an injury accident.
Per the structure of the payment plan set up in the mortgage settlement, each state government is to receive a direct portion of the money for the purpose of funding future law enforcement efforts, providing additional relief to borrowers, paying civil penalties, funding of foreclosure relief programs and to compensate the state for its losses from the crisis.
Visa earns revenues by charging fees for its transaction processing service, which involves routing payment information to facilitate the authorization, clearing and settlement of transactions.
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The parties have reached a tentative settlement, which Mandell's attorney says involves no payment from Mandell.
It is a deal between the tobacco industry and a few contingency-fee attorneys (whose pay will not be challenged, as per the settlement), with the states taking a windfall-payment in exchange for co-signing the deal.
There are echoes of the 1996 election, when Boris Yeltsin's campaign was marked by a nationwide tour which saw him respond to complaints about non-payment of wages by making some back payments and giving promises of full settlement.
The settlement requires all U.S. states to sign on before payment is made.
While the exact settlement terms were not disclosed, Nokia said that it would receive a one-time payment plus a lifetime of royalties from various Apple products.
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