Settlement Tax Breaks Will Continue Despite JPMorgan Deal

Law360, New York (January 9, 2014, 8:55 PM EST) -- Congress and taxpayers scored a victory this week when the U.S. Department of Justice inked a $2.6 billion settlement with JPMorgan Chase & Co. that contained provisions to prevent the bank from taking a tax deduction on the payments, but other agencies are unlikely to press the tax issue during future negotiations, despite calls by lawmakers to make the process more transparent.

When JPMorgan agreed this week to pay for its inaction on Bernard L. Madoff's $65 billion Ponzi scheme, the Justice Department negotiated into the deal a...
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