submitted by shitface9000 to news 3.2 yearsApr 1, 2022 18:23:37 ago (+54/-0) (archive.ph)
uvulectomy 0 points 3.2 years ago
26 USC ยง 61 - Gross Income Defined26 USC Part II - Items Specifically Included In Gross Income26 USC Part III - Items Specifically Excluded From Gross Incometl;dr - Unless it's a personal/physical injury, legal settlements are not excluded from being counted as gross income for tax purposes. That $25m (likely the full $31m) will absolutely be taxed.
uvulectomy 0 points 3.2 years ago
26 USC ยง 61 - Gross Income Defined
26 USC Part II - Items Specifically Included In Gross Income
26 USC Part III - Items Specifically Excluded From Gross Income
tl;dr - Unless it's a personal/physical injury, legal settlements are not excluded from being counted as gross income for tax purposes. That $25m (likely the full $31m) will absolutely be taxed.