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Monday, July 22, 2024 | Back issues
Courthouse News Service Courthouse News Service

3rd Circuit

TAX - The 3rd Circuit held that a company's expenses for environmental cleanup do not qualify for certain tax breaks. The beneficial treatment applies when a taxpayer receives money in a prior tax year and must restore that money. Alcoa's cleanup costs in no way meet the definition of restoring money to its rightful owner. Affirmed. See ruling.

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