Recent developments in the taxation of punitive damage awards
Article Abstract:
Punitive damages, designed to punish wrongdoers, are taxable if awarded in personal injury cases not involving physical injuries, under the 1989 amendment to IRC s. 104. Punitive and compensatory damages received on account of personal injuries are generally tax-free. However, the characterization of awards as compensatory or punitive, as well as the personal injury basis for the award, are issues that can be raised in challenging the excludibility of particular awards.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1995
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The taxation and management of environmental cleanup costs: a growing worldwide concern
Article Abstract:
Government taxation policy regarding cleanups of environmental wastes and hazards should encourage such cleanups through the use of tax incentives such as cost deductions for cleanups of past and current pollutants. The major issue is whether capitalization or immediate expensing is allowable. IRC section 198 allows businesses to elect to expense costs incurred during a specified temporal window. Australia lagged behind the US in adopting positive incentives.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1998
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Interest rate swaps: the taxation of trading places
Article Abstract:
The Internal Revenue Code should be amended to provide equitable treatment of some derivative interest rate swaps which are becoming popular financial transactions for investors and owners of the underlying assets. The Code and IRS regulations generally deal properly with these transactions. However, the treatment of significant and nonsignificant nonperiodic payments is not consistent with other provisions.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1998
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