Civil Remedies Tax Personal Injury

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U.S. Tax Court Decision Shows Importance of Carefully Drafting Settlement Agreements

In Sharp v. Commissioner, the United States Tax Court once again demonstrated the importance of carefully crafting settlement agreements and reaffirmed that emotional distress damages are taxable income to the recipient....more

Trial Attorney Tax Summary for Taxation of Settlements and Damages – Part 1: The Basics

Overview - Legal settlements in the U.S. easily exceed one trillion dollars on an annual basis. The tax consequences of settlements and damages should be reasonably well known and settled. . However, that is not the...more

Recent U.S. Tax Court Decision Highlights Issues Regarding the Tax Treatment of Damages for Stress-Induced Physical Ailments

In two cases decided in 2010, the U.S. Tax Court indicated that damages compensating for stress induced physical ailments may be tax-free where (1) the taxpayer can demonstrate that the damages were actually received on...more

Financial Fraud Law Report: Financial Fraud Victims May Benefit from Swiss Bank's Disclosures

Originally published in the July-August 2012 issue of the Financial Fraud Law Report. Lawyer Michael Diaz, Jr., Says Financial Fraud Victims May Benefit from Swiss Bank’s Disclosures Swiss banking giant UBS’...more

Illinois Supreme Court Sets Civil Argument Schedule for March

This afternoon, the Illinois Supreme Court published its Call of the Docket [pdf] for the March term, and the Court will hear oral argument in six civil cases. The cases, with the issue or issues presented in each,...more

Fifth Circuit Rejects Section 10(b) Scheme Liability in Absence of Explicit Attribution of Conduct or Statements to Defendant

In Affco Investments 2001 LLC v. Proskauer Rose L.L.P., No. 09-20734, 2010 WL 4226685 (5th Cir. Oct. 27, 2010), the United States Court of Appeals for the Fifth Circuit held that a law firm which allegedly assisted in...more

Illinois Supreme Court on the Tort Immunity Act, Collateral Estoppel, the Use Tax and the Home Repair Act

Last week, the Illinois Supreme Court filed opinions resolving four new civil cases: Hubble v. Bi-State Development Agency of the Illinois-Missouri Metropolitan District, [pdf] No. 109137 -- In a personal injury action,...more

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