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Tax Treatment of Judgments and Settlements
One of the most common underappreciated aspects of litigation is the taxation of the outcome, whether by judgment or settlement. This is true for both the plaintiff and defendant. With respect to the plaintiff, how will the litigation proceeds be taxed, if at all? As to the defendant, will a deduction be allowed at all or must it be capitalized or a combination thereof.
Origin of the Claim
The tax treatment of a payment from settlement or final determination is dictated by the "origin of the claim" doctrine. This means in lieu of what were the damages awarded or received.
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