...Howard is not.... http://www.nytimes.com/2011/12/30/b...indfall-for-businesses.html?_r=2&ref=business ".............For example, in the dark days of June 2009, Mel Karmazin, chief executive of Sirius XM Radio, was granted options to buy the company stock at 43 cents a share. At todayâ€™s price of about $1.80 a share, the value of those options has risen to $165 million from the $35 million reported by the company as a compensation expense on its financial books when they were issued. If he exercises and sells at that price, Mr. Karmazin would of course owe taxes on the $165 million as ordinary income. The company, meanwhile, would be entitled to deduct the full $165 million as compensation on its tax return, as if it had paid that amount in cash. That could reduce its federal tax bill by an estimated $57 million, at the top corporate tax rate. SiriusXM did not respond to repeated requests for comment..... "