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Litigation Expenses And The Alternate Minimum Tax, Brant J. Hellwig, Gregg D. Polsky
Litigation Expenses And The Alternate Minimum Tax, Brant J. Hellwig, Gregg D. Polsky
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Litigation Expenses And The Alternative Minimum Tax, Gregg D. Polsky, Brant J. Hellwig
Litigation Expenses And The Alternative Minimum Tax, Gregg D. Polsky, Brant J. Hellwig
Scholarly Works
One of the chief features of the alternative minimum tax (the "AMT") is a broadened tax base, accomplished in part through the disallowance of deductions that are not central to measuring an individual's net income. Yet in achieving its objective of limiting deductions, the AMT casts a wide net. Thus, in certain instances, an individual can be robbed of the tax benefit of expenses that were critical to the production of the income being taxed. An extreme example of this problem is the treatment of certain litigation expenses under the AMT. If an individual incurs attorney fees and other associated …
The Contingent Attorney's Fee Tax Trap: Ethical, Fiduciary Duty, And Malpractice Implications, Gregg D. Polsky
The Contingent Attorney's Fee Tax Trap: Ethical, Fiduciary Duty, And Malpractice Implications, Gregg D. Polsky
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In employment and civil rights lawsuits, the alternative minimum tax may cause a plaintiff's net recovery to be taxed at rates significantly higher than the current maximum rate of 35 percent. This Essay discusses the ethical, fiduciary duty and malpractice implications for lawyers representing plaintiffs who may be affected by this tax trap.