A federal court may allow the convicted former chief of a telecommunications company to deduct more than $44 million from his taxes after he was forced to forfeit the amount of stock gains he realized from insider trading.
Joseph Nacchio, the former CEO of Qwest Communications International, Inc., was convicted of insider trading in 2007. He was sentenced to 70 months in prison and required to forfeit $44,632,464 in the net gain he derived from the insider trading and a $19 million fine. Nacchio amended his tax return, claiming a deduction for the amount forfeited and a refund for $17,974,832, the amount of taxes he paid on the forfeited gain.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access