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| Topic | The Dominion v. Fox News $1.6 billion defamation trial has begun |
| LightHawKnight 04/22/23 3:23:57 PM #288: | [LFAQs-redacted-quote] Look it up, they can save around 20% of the total and then let their insurance cover the rest. Fox can take a tax deduction from the settlement, Lever News reports. U.S. tax law allows companies to write off at least some portion of settlement fees as part of the cost of doing business. (There are some exceptions, including for cases involving accusations of sexual harassment or abuse with nondisclosure agreements; Fox News has paid out settlements involving those in the past.) It is unclear how much Fox will save, though a spokesman confirmed that tax deductibility is at play. Lever News estimated that the company could reap as much as $213 million in tax savings. In addition, Fox also may deduct their settlement payments for state and local income tax purposes, Rosenthal noted. Had the case gone to trial and Fox lost, any compensatory and punitive damages it had to pay also would have been tax deductible if it had to pay them out of pocket. The [compensatory] damages would have related to conduct that Fox engaged in as part of its trade or business. The tax treatment of punitive damages is a little more difficult, but as a general matter those damages would be deductible as well again, because they arose out of conduct that Fox took in connection with its trade or business and for the purpose of protecting its revenue stream that is, to not lose viewers to other outlets promoting election fraud claims, Hellwig said. --- The Official Odin of the Shin Megami Tensei IV board. "You know how confusing the whole good-evil concept is for me." ... Copied to Clipboard! |
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