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" &amp;quot;What laws for the rich?&amp;quot; -- Jack McCoy, Executive Assistant District Attorney For New York County OK, so you&amp;#039;re the average East Side stick-up kid. You rob some guy&amp;#039;s wallet, but, on your getaway, you pop your ACL so you get pinched. But, you go up for trial on the day that the judge has a fourth martini for lunch, and he convicts you, but doesn&amp;#039;t take all your money. Do you then get to deduct what&amp;#039;s left from your federal taxes that year? Of course not, stupid average East Side stick-up kid. You didn&amp;#039;t steal nearly enough. JPMorgan Chase has struck a tentative deal with the Justice Department to pay a record $13 billion over dodgy mortgage products - but the biggest U.S. bank may be able to slash that bill by paying Uncle Sam less in taxes. Details of the pact are now being finalized, but it is expected to include $9 billion paid to the government and $4 billion in relief for wronged customers. The silver lining for JPMorgan: The bank will likely be able to write off a good chunk of those funds by calling them business expenses, tax experts said. Section 162(f) of the tax code bars deductions for fines and penalties paid to the government, but JPMorgan might be able to negotiate an agreement to classify the payments as something else. Those payments labeled compensatory or for restitution are more likely to be deductible. I&amp;#039;m starting to come around on tax-reform. And pitchforks. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.esquire.com/news-politics/politics/a19680/jp-morgan-tax-breaks-102313/>