Credit: PiyawatNandeenoparit/Adode Stock Is Your Award Taxable? A Look at the Taxation of Judgments and Settlements
"Almost any amount received will be considered income unless there is an exception or exclusion contained with the Internal Revenue Code or case law," writes Schenck Price's Douglas Eisenberg.
September 10, 2024 at 03:00 PM
9 minute read
One of the most common underappreciated aspects of litigation is the taxation of the outcome, whether by judgment or settlement. This is true for both the plaintiff and defendant. With respect to the plaintiff, how will the litigation proceeds be taxed, if at all. As to the defendant, will a deduction be allowed at all or must it be capitalized or a combination thereof.
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