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 returns to New York to seek out who tried to have him killed in Cuba and to further negotiate his alcohol networks for when repeal happens. Eli and George are running the bootlegging in Atlantic City, under the supervision of Al Capone. Charlie and Meyer play a risky game behind Maranzanos back. Gillian is residing in a woman's psychiatric facility - where she has an understanding with the head guard. We get more glimpses from Nuckys childhood and his relationship with the Commodore.
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; and in 1884, a young Nucky continues to impress the commodore.
Chalky turns up at Nuckys doorstep looking for information on Narcisse. Nucky arranges a meeting through Torrio with Maranzano to discuss Luciano's move on Nucky. Mueller and Eli are arrested - in order to avoid prison time both will have to cooperate in retrieving information about Al Capones finances. Back in 1897, Deputy Sheriff Enoch Thompson gets closer and closer to the Commodore.
Chalky runs into Narcisse in Harlem with a plan to set Daughter free. Meanwhile, Nucky mingles with a different crowd when he tries to drown his sorrows in alcohol; and in Chicago, the Feds tap Eli and Nelson to help them neutralize the Capone empire. Also: A young Nucky complains to Mabel about his endorsement of Jim Neary, and teams up with Eli to catch a thief in 1897.
Nucky's war with Luciano draws in Willie and Eli as Nucky tries to maintain his control in Atlantic City. Meanwhile, Maranzano's tenure as boss is nearing the end; Gillian sends a letter from the hospital; and in 1897, a young Nucky quarrels with Mabel about a runaway from Trenton and does a favor for 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.