Goldman Sachs Waives Tax Deduction on SEC Settlement
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Goldman Sachs Group Inc. agreed to waive tax deductions it could have claimed after paying a $550 million penalty in a settlement with U.S. regulators, giving up as much as $187.5 million in savings.
In yesterday’s settlement with the U.S. Securities and Exchange Commission, the firm agreed “it shall not claim, assert or apply for a tax deduction” for any penalty amounts. Goldman Sachs will pay a $535 million civil penalty, which normally would be deductible, and give up $15 million in profits, which the firm likely can still deduct.