Question: Snidely Limited spent 1 million this year to upgrade
Snidely Limited spent $ 1 million this year to upgrade its manufacturing plant, which had received several warnings from the state environmental agency about releasing pollution into the local river. Late in the year, Snidely received an assessment of $ 700,000 for violating the state’s Clean Water Act. After he negotiated with the state, which cost $ 135,000 in legal fees, SNIDELY promised to spend another $ 200,000 next year for more pollution control devices, and the fine was reduced to $ 450,000. How much of these expenditures can Snidely Limited deduct for tax purposes?
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