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Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Dalhousie Law Journal
The income tax status of damage awards in personal injury actions assumes greater importance as litigation in this area increases and the monetary value of judgments and settlements escalates. If the United States experience has any predictive value for Canadian trends, the statistics are ominous indeed. During the last decade alone, medical malpractice cases, which represent but one segment of personal injury actions, have witnessed an increase in the average quantum of damages from $62,151 to $350,000, while the total payout in New York State went from $1.4 million to $17 million.1 If, as Street had commented, ". . . …
Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Dalhousie Law Journal
The income tax status of damage awards in personal injury actions assumes greater importance as litigation in this area increases and the monetary value of judgments and settlements escalates. If the United States experience has any predictive value for Canadian trends, the statistics are ominous indeed. During the last decade alone, medical malpractice cases, which represent but one segment of personal injury actions, have witnessed an increase in the average quantum of damages from $62,151 to $350,000, while the total payout in New York State went from $1.4 million to $17 million.1 If, as Street had commented, ". . . …
Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Taxation Of Personal Injury Awards: A Wiry Methuselah, Vern Krishna
Dalhousie Law Journal
The income tax status of damage awards in personal injury actions assumes greater importance as litigation in this area increases and the monetary value of judgments and settlements escalates. If the United States experience has any predictive value for Canadian trends, the statistics are ominous indeed. During the last decade alone, medical malpractice cases, which represent but one segment of personal injury actions, have witnessed an increase in the average quantum of damages from $62,151 to $350,000, while the total payout in New York State went from $1.4 million to $17 million.1 If, as Street had commented, ". . . …