European Price-Fixing Fine Not Deductible: US Tax Court

Glassmaker Guardian Industries Corp. cannot deduct a €20 million fine it paid the Commission of the European Community for price-fixing activity because federal law bars deductions for penalties paid to foreign government entities and the commission qualifies as one, the U.S.

Tax Court said Thursday.  

The company argued its payment was deductible because the European Community isn't a government of a foreign country or an agency or instrumentality of a foreign government.

Read more below.

600450 European Price-Fixing Fine Not Deductible: US Tax Court
Date: 21 July 2014

See more news about:

Others also read

The building received a new transparent skin glass façade made with Guardian Glass.
Plans have been unveiled for twin centres of excellence for glass in the north of England aimed at putting the UK at the forefront of global manufacturing.
JEB fabricated more than 46,000 square feet of glass for the facility.
Digital Tool Evaluates Guardian Glazing Product Performance in Green Rating Systems.
Guardian Glass has expanded its Middle East product line portfolio with a groundbreaking addition, the Guardian SunGuard® SuperNeutral® (SN) series of coated glass products.
Guardian Glass announces it is the first glass manufacturer in Saudi Arabia to be granted the “Quality Mark” by the Saudi Arabian Standards Organization (SASO).

Add new comment