What is the maximum amount that box and cable, Accounting Basics

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What is the maximum amount that box and cable

During the current year, the United States files criminal and civil actions against Joe, the CEO of Box Corporation and Jane, the president of Cable Corporation, for price fixing. Both enter pleas of no contest and appropriate judgements are entered. Subsequent to this action. Square Corporation sues both Box and Cable for treble damages of $6,000,000. In settlement, Box and Cable each pay square $1,200,000. What is the maximum amount that Box and Cable may each deduct?

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Accounting Basics: What is the maximum amount that box and cable

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