Matthew Jacobs

Matthew Jacobs

November 16, 2020 | National Law Journal

Should Disgorgement in Securities Cases Be Considered Tax-Deductible 'Restitution'?

The IRS views disgorgement as a penalty, and thus not deductible as restitution, but the Supreme Court recently issued a decision in "Liu v. SEC" undercutting the IRS's rationale. In light of "Liu," the IRS needs to rethink its rationale.

By George Gerachis and Matthew Jacobs

6 minute read