The Statute of Elizabeth Lives On The Sandy Hook school massacre is the subject of multiple pending litigations commenced by the families of students killed in the tragedy. Alt-right radio show host and prominent conspiracy theorist, Alex Jones, is the main target of these actions following years of broadcasting that the shooting was a hoax. The initial actions are based on allegations of defamation and intentional infliction of emotional distress. Unfortunately, the entry of this judgment against Jones is not the end of the legal battle for the plaintiffs as they are now faced with the harsh reality that Jones…
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Part 1: The Income Tax Treatment of Personal Economic Damages Awards Financial experts are frequently asked about the tax impact of damage awards, both paid and received. The complexities of the Internal Revenue Code (“IRC”) and judicial interpretations thereof make determining the taxability of receipts or payments difficult. The same is true when dealing with the taxability of economic damages awarded to plaintiffs in civil actions. Nuances in the IRC and the judicial interpretations may make it difficult for a taxpayer to determine the taxability of his or her proceeds from a litigation award of personal economic damages. Whether or…