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Illuminating Case on the Tax Effect of Forfeitures and Clawbacks
Winston & Strawn LLP Link to more items from this source
Mar. 17, 2014
"One of the many unresolved issues in the area of compensation clawbacks ... is the tax effect to the executive who must return the compensation.... [This issue] generally is determined under Code Section 1341, the so-called 'Claim of Right Doctrine' ... However, Section 1341 and the case law and rulings relating to it have not been well-defined. Now comes a decision out of the U.S. Court of Claims ... granting a partial victory to Joseph Nacchio (and his wife), who was convicted of insider trading in a high-profile 2007 verdict, by allowing them to press their case to deduct the amounts forfeited upon the conviction as a loss under Code Sections 165 and 1341." [Nacchio et al. v. U.S., No. 12-20T (Cl. Ct. Mar. 12, 2014)]

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