#Tax #Litigation In general, if you sue somebody and either win - TopicsExpress

#Tax #Litigation In general, if you sue somebody and either win the suit or negotiate a settlement, your award is fully taxable under Section 61. There is an exception, however, under Section 104(a), which provides that income does not include any damages (other than punitive damages) received on account of “personal physical injuries of physical sickness.” For more information on Tax cases and Tax Planning speak to a Tax accountant or Attorney at @UdoConsulting.

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