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This paper will review the effectiveness of that provision in achieving its goals, and provide information on how much revenue it has raised or lost due to deductions for executive compensation. Companies have found it easy to get around the law. And it seems to have encouraged the options industry.
Nicholas was charged with securities fraud for his role in an alleged scheme in which Broadcom deceived its shareholders about how much it was paying employees by lying about the timing of stock-option grants. Nicholas never talks about Marsalee’s murder, even to close friends, but over the years he has devoted time and considerable money to the cause. He based the company not in Silicon Valley, where everyone else was, but in Orange County, the sun-drenched suburban sprawl just south of Los Angeles.
According to the government, the company’s former chief financial officer, Bill Ruehle, who was also indicted, had referred to the scheme as the “golden goose,” and, indeed, for years this practice served to wildly inflate the profits Broadcom reported to the public. Henry Nicholas met Henry Samueli in the early 1980s when the two men were working at a defense contractor called TRW. At a time when dress codes were ostentatiously casual, Nicholas wore three-piece suits—and insisted that others at Broadcom suit up as well. circles, group people into 16 different personality types, to which Keirsey gives labels, such as the Healer and the Inspector; Masterminds make up just 1 percent of the population.) Masterminds are supposed to be calculating perfectionists who have a disregard for authority—as well as for the feelings of others.
In this paper, we estimate that corporate deductions for executive compensation have been limited by this provision, with public corporations paying, on average, an extra .5 billion per year in federal taxes. Because actual tax return data are, by statute, confidential, our estimates are somewhat imprecise, as we have to infer both the tax deductibility of executive compensation and the corporation’s tax status from public filings.
They continue, however, to deduct the majority of their executive compensation, with these deductions costing the U. Our key findings are: Section 162 of the Internal Revenue Code covers trade and business expenses.