Fox's Settlement with Dominion is tax deductible

[Marius25]

https://apnews.com/article/fox-dominion-lawsuit-settlement-election-6a729ece4b4f351a6334be13b49d4869

Apparently this is normal, I'm just rather surprised you can deduct a defamation settlement from your taxes...

[pwb]

1. I still like it here.

.

[Effete Snob]

2. Why wouldn't it be?

News flash: pretty much anything for which a business pays is tax deductible. It’s almost as if they are taxed on what they make in excess of what they pay to run the business. Shocker!

[Silent Type]

3. Even with the deduction, they -- and insurers -- are still out-of-pocket over $500 Million.

[Lemonwurst]

4. Tax law allows for losses due to litigation, even for the bad guys

It doesn't seem fair in this situation, and from a moral point of view, it most certainly is not.

But that same tax writeoff is available to regular people, businesses, etc. for whom settlements aren't indicative of the kind of wrongdoing, or anywhere near the scale that Fox caused.

And prior to this settlement, which still hits them where it matters to them, everyone across the nation heard specifics about Fox lying, on national news. So now it's a given that by voluntarily watching Fox, you know it's lying, and you're acknowledging that you like it that way.

Anyone who was previously unaware of that and might have mistaken Fox as a possibly valid news source is now informed - and that does help.

[Marius25]

6. I've given plenty of thought to leaving and working on it, thanks.

[global1]

8. To Fox - Defamation Is Just A Cost Of Doing Business.....nt

[MichMan]

9. Isn't Dominion going to have to pay taxes on it ?

Seems like a net offset to the IRS then.

[Chainfire]

10. You have to ask yourself how much tax would Fox have paid on it if not used for the settlement?