Taxation of Damage Awards and Settlement Payments, Fifth Edition

The Fifth Edition (© 2021) of Robert W. Wood’s book, Taxation of Damage Awards and Settlement Payments, is now available. Since the publication of the First Edition in 1991, this book has become used throughout the United States by tax lawyers, accountants, litigators, judges, law clerks and law professors. Now in its Fifth Edition, this volume is fully up-to-date. Not only is the Fifth Edition full of the latest cases, fully reflecting the judicial and administrative law developments since the publication of the last edition and its supplements, but several key new legislative developments are covered.

“You should have this book in your library”

— Former IRS Commissioner Lawrence B. Gibbs, prior edition

“The go-to guide for tax issues surrounding settlement and recovery”

— San Francisco and Los Angeles Daily Journals, Fifth Edition

Taxation of Damage Awards and Settlement Payments (Fifth Edition © 2021), by Robert W. Wood, is now in electronic form and covers the waterfront of tax issues arising in litigation:

Fully reflects Tax Cuts and Jobs Act restrictions on deducting legal fees, exploring new approaches for deducting and capitalizing fees and costs
Full coverage of changes to sexual harassment and sexual abuse claims, confidentiality provisions, and legal fees
Expanded coverage of changes to fines, penalties, punitive damages
Full coverage of changes to intellectual property tax treatment
Updated authorities on personal physical injuries, physical sickness, post-traumatic stress disorder, emotional distress
Employment recoveries, wages, discrimination and sexual harassment
Tax treatment of legal fees and related expenses
Taxing business, contract and intellectual property recoveries
Capital gain vs. ordinary income in legal settlements
Form 1099 reporting for damages and legal fees
Tax language in settlement agreements, tax indemnities, tax opinions
Structured settlements and structured legal fees
Forms and agreements, tables, index and authorities

Reviews

IRS Tax Treatment of Legal Settlements, reviewed by Jeremy Babener, Lane Powell PC, Portland, OR, Arizona Attorney (September 2021).

Guide to Taxes, Damages and Settlements Makes Litigators’ Jobs Easier, reviewed by Jeremy Babener, Lane Powell PC, Portland, OR, San Francisco Daily Journal (March 19, 2021), p. 6. Simultaneously published in Los Angeles Daily Journal (March 19, 2021), p. 6.

Read reviews of the prior editions of Taxation of Damage Awards and Settlement Payments here.

Taxation of Damage Awards and Settlement Payments