Category: Federal Income Tax

Federal Income Tax

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Tax Consequences of Settlement Awards for Plaintiffs and Attorneys

Taxation Of Settlement Agreements For Plaintiffs Attorneys

When an individual receives a settlement award, the tax consequences of that award can vary depending on how it is structured. There are several tax planning opportunities available for individuals who receive settlement awards, but in most cases, the tax consequences are fairly standard. The case of Lindsey v. Commissioner, 422 F.3d 684 (8th Cir.…

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Valuation Challenges and Pitfalls in Tax Cases

Taxpayer: It’s All About Valuation; Irs: We’re Damned If We Do

Valuing property for tax purposes is complex and can be a critical issue as it can result in significantly higher or lower taxes. The Garwood v. Commissioner, T.C. Memo. 2004-195, case offers a fascinating example of the challenges and pitfalls involved in valuation, particularly in the context of tax court cases. This case involved the…

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