Top Execs Get Tax Break

Law360, New York (June 8, 2007, 12:00 AM EDT) -- The Internal Revenue Service said on Tuesday that companies could deduct the compensation of chief financial officers exceeding $1 million, a development that may spur congressional action.

So while pay above $1 million for chief financial officers may be deducted for now, lawyers think the deduction may not last long. “I don't think this will last forever. Congress will ultimately fix this,” said A. William Caporizzo, co-chair of the tax department at Wilmer Cutler Pickering Hale and Dorr LLP.

Section 162(m) of the Internal Revenue Code...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.