It's 1931 and in stark contrast with the Roaring '20s, the country is now in the throes of the Great Depression. With the end of Prohibition in sight, Nucky looks to legitimize himself by forging alliances with liquor producers.
Nucky reminisces about catching the Commodore's eye; Nucky joins Sally Wheet in Cuba; Margaret finds herself in the hot seat; Chalky tries to extricate himself from a difficult situation; Lucky Luciano sets a bold plan in motion.
Nucky pays a visit to Johnny Torrio; Eli and Van Alden must recoup money lost during a federal raid by Eliot Ness; Willie has a job interview; in 1884, young Nucky deals with the death of his sister.
Chalky heads in a new direction; Margaret finds herself in a quandary; Nucky hosts a prospective partner from Boston; Luciano and Siegel meet with Narcisse in Harlem; in 1884, young Nucky flirts with a girl.
Nucky and Margaret find common ground in Atlantic City; Luciano encounters an old adversary; Sally Wheet makes a payment in Cuba; in 1884, young Nucky moves up the Commodore's ladder.
Chalky returns to Atlantic City; Nucky arranges a meeting with Maranzano; Eli reunites with June.
Federal agents enlist the help of Eli and Van Alden to take down the Capone organization.
Nucky tries to hold onto his assets in Atlantic City; Willie and Eli become involved in Nucky's war.
Nucky plans to relocate to Manhattan; Margaret impresses Nucky and a grain company stockholder.