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.
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.
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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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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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.
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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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.
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.
Reverse payment settlement opponents had placed a great deal of emphasis on the Cipro case as a cure-all solution.
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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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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.
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