Income Tax Issues
Aunt Ethel

Loss of Consortium Damages Excludable under IRC § 104(a)(2)

A couple of years back, Uncle Bill was in an unfortunate forklift accident.  Bill filed a lawsuit in Maine, where the accident occurred, and in the complaint, Bill alleged that the injuries and damages suffered were the result of acts of negligence, reckless, willful and/or wanton acts of the tannery for whom Bill was employed. The lawsuit requested damages for economic injuries (medical bills), for noneconomic injuries of mental anguish, loss of enjoyment of life,

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Scott St. Amand April 29, 2021
Income Tax Issues
Burden of Proof

Blum v. Commissioner
T.C. Memo. 2021-18

On February 18, 2021, the Tax Court issued a Memorandum Opinion in the case of Blum v. Commissioner (T.C. Memo. 2021-18). The primary issue presented in Blum v. Commissioner was whether the petitioner was entitled to exclude from her gross income the $125,000 settlement payment (from a suit against former attorneys who bungled a personal injury lawsuit on petitioner’s behalf) as damages received “on account of personal physical injuries or physical sickness” under IRC §

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Scott St. Amand February 18, 2021
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Loss of Consortium Damages Excludable under IRC § 104(a)(2)

A couple of years back, Uncle Bill was in an unfortunate forklift accident.  Bill filed a lawsuit in Maine, where the accident occurred, and in the complaint, Bill alleged that the injuries and damages suffered were the result of acts of negligence, reckless, willful and/or wanton acts of the tannery

Read More »
Scott St. Amand April 29, 2021

Blum v. Commissioner
T.C. Memo. 2021-18

On February 18, 2021, the Tax Court issued a Memorandum Opinion in the case of Blum v. Commissioner (T.C. Memo. 2021-18). The primary issue presented in Blum v. Commissioner was whether the petitioner was entitled to exclude from her gross income the $125,000 settlement payment (from a suit against former

Read More »
Scott St. Amand February 18, 2021