Are settlement proceeds taxable?
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Description
Abstract: The federal tax code specifically excludes damages received for personal physical injuries or physical illness from taxable gross income. But sometimes it’s hard to determine the nature of settlement proceeds. This article summarizes a recent U.S. Tax Court decision that illustrates the importance of using the “right” wording in settlement agreements to minimize unfavorable tax consequences. McKinney v. Commissioner, No. 9512-15, U.S. Tax Ct. (January 5, 2017)
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