1931: Nucky is in Cuba attempting to set up networks for shipping into the US when the Volstead Act is lifted. Charlie makes a move on Joe Masseria. Chalky is in chains, and fights for his freedom. There are glimpses of Nucky's past.
Nucky loses his senatorial interest in his alcohol distribution and seeks out new support. Margaret finds herself in trouble for a deal she made with Arnold Rothstein years before he died. Chalky is still on the run.
Luciano encounters Capone in Chicago; Nucky and Margaret find common ground in Atlantic City. Meanwhile, Sally conducts business in Cuba as rumors swirl of a public uprising. In 1884, a young Nucky continues to impress the commodore.
Nucky visits Gillian, Luciano and Lansky deal with Narcisse and young Nucky faces a turning point. In Chicago, Capone prepares to face trial and in New York Margaret becomes a stock operator a la Joe Kennedy. Scores are made and settled.