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A Capital Gains Anomaly: Commissioner V. Banks And The Proceeds From Lawsuits., Stephen T. Black, Katherine D. Black, Michael D. Black
A Capital Gains Anomaly: Commissioner V. Banks And The Proceeds From Lawsuits., Stephen T. Black, Katherine D. Black, Michael D. Black
St. Mary's Law Journal
When a litigant receives an award of damages or agrees to a settlement of a lawsuit for which the litigant and her attorney have agreed to a contingent fee, a portion of those damages or the settlement is paid to the attorney. For income tax purposes, there is a question of whether the litigant should include the portion paid to her attorney as her own income. The question is not merely academic. In a tax system that does not always allow the litigant to deduct her attorney's fees, the litigant may end up paying tax on money that she never …
Summary Of The Convention Between The Government Of The United States Of America And The Government Of The United Mexican States For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income., Raul S. Moreyra
St. Mary's Law Journal
To prevent double taxation and income tax evasion, the Mexico and United States governments signed a convention in September 1992. The convention establishes when businesses may be subject to either United States or Mexico tax liabilities. Key to the application of the convention is the concept of permanent establishment. Permanent establishment is the designation given to a business situated in Mexico that transacts operations for a United States enterprise. This designation determines which nation, the United States or Mexico, will collect taxes from the business. If the business is a permanent establishment, the Mexican government will collect taxes. The types …