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Making Plaintiffs Whole: A Tax Problem Of Interest, William E. Foster
Making Plaintiffs Whole: A Tax Problem Of Interest, William E. Foster
Oklahoma Law Review
This article illustrates the dramatic tax impact of interest awards in otherwise non-taxable litigation recoveries and proposes two alternative legislative solutions for the over-taxing of plaintiffs in these cases. While plaintiffs who recover personal injury awards typically receive favorable tax treatment, those who receive interest on such awards are taxed on the interest and often are not able to utilize deductions for attorney’s fees and other costs paid to obtain the award. Further, the attorney’s portion of the recovery in a contingency fee arrangement will be included in the plaintiff’s gross income. The result is that the plaintiff recovers less …
Income Tax: Kenseth V. Commissioner: The Assignment Of Income Doctrine And Its Misapplication To Contingent Attorney's Fees, Aubree Helvey
Income Tax: Kenseth V. Commissioner: The Assignment Of Income Doctrine And Its Misapplication To Contingent Attorney's Fees, Aubree Helvey
Oklahoma Law Review
No abstract provided.