The IRS is challenging compensation paid by the New York Stock Exchange to former chairman and CEO Richard A. Grasso on the basis that the compensation was unreasonable under Internal Revenue Code section 162. While serving as chair of NYSE's board of directors, Grasso earned $30.6 million in 2001 and $12 million in 2002 alone.
See Amy Elliot, "IRS Challenges NYSE Executive Compensation," 2010 TNT 41-1, March 3, 2010.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
Leave a comment