US ruling will limit major tax deductions for corporations

Article Abstract:

FMR Corp. and PNC Bank Corp. both have lost US Tax Court decisions in separate rulings that will have a lasting impact on major tax deductions for corporations. The tax court ruled that certain company expenses must be listed as capital expenditures rather than as tax deductions for business activity. Tax specialists expect that the IRS will aggressively apply the rulings to other businesses in limiting a wide range of company expenses as tax-deductible. The two companies have not yet decided whether to file an appeal with the US Court of Appeals.

Comment:

Lost important decision in US Tax Court regarding tax-deductible business expenses for corporations

Company Planning/Goals, Investment Advisory Services, Investment Advice, Offices of Bank Holding Companies, Investment Holding Companies, Investment advisers, PNC Financial Services Group Inc., Article, FMR Corp.

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Insurer must pay $100.5 million in redlining case

Article Abstract:

Nationwide Insurance Co. has been ordered to pay $100 million in punitive and $500,000 in compensatory damages by a jury in Richmond for redlining. The company plans to appeal the decision. The Richmond group that brought the suit, Housing Opportunities Made Equal, was willing to settle for $17.5 million before the jury trial began, but the insurance company never responded. Nationwide settled a similar suit involving race discrimination in April in Toledo, Ohio.

Direct Property and Casualty Insurance Carriers, Fire, marine, and casualty insurance, Fire & Theft Insurance, Cases, Abstract, Property and casualty insurance industry, Discrimination in insurance, Insurance discrimination, Race discrimination, Business insurance, Homeowners' insurance, Nationwide Mutual Insurance Co., Housing Opportunities Made Equal

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