Fines and penalties paid for violations of the law (e.g., illegal dumping of hazardous waste) are deductible only if they relate to a trade or business.

Name: Fines and penalties paid for violations of the law (e.g., illegal dumping of hazardous waste) are deductible only if they relate to a trade or business.
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Question

Quizplus · Accepted Answer

Fines and penalties paid to a government for the violation of any law are not deductible for tax purposes, regardless of whether they relate to a trade or business.

Fines and Penalties Paid for Violations of the Law (E