Non-Taxable Settlement Proceeds Require Careful Documents

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You must clearly delineate which portion of a settlement relates to personal injuries, recovery of lost profits and other forms of recovery. Otherwise the IRS will take the position which generates the most income tax. The sooner in the process that the tax result is considered, the easier it will be to get a favorable result.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Givner & Kaye, A Professional Corporation

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