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Allied-Signal, Inc. v. Commissioner of Internal Revenue Serv.

Citation: 25 ELR 21182
No. No. 94-7336, 54 F.3d 767/40 ERC 1660/(3d Cir., 02/23/1995)

The court holds that a 1977 contribution a chemical company made to the Virginia Environmental Endowment Fund, which was created in response to litigation over environmental contamination at the company's former plant in Hopewell, Virginia, was in substance an environmental penalty that the company could not deduct as an ordinary and necessary b...

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