Section 162 (m) of the Internal Revenue Code imposes limitations on the
deductibility for corporate federal
income tax purposes of remuneration in excess of $ 1 million paid to the chief executive officer, chief financial officer and each of the three next most highly compensated executive officers of a public company.
And if it be responded that Americans give money to charities because it's advantageous to do so
for income tax purposes, well, let's be grateful that, in affording full
deductibility to charitable giving, the
tax code got something right.