McFarlane/Twist settlement: finally

[shadroch]

How can a statement that says I don't know where this one lays be not true? Unless you think I did know and wasn't saying?

[FFB]

How can a statement that says I don't know where this one lays be not true? Unless you think I did know and wasn't saying?

 

You said:

 

As far as taxes being due-most payouts from lawsuits and from insurance companies are not taxable.I was surprised to read,about a year ago,that some settlements are taxable,so I don't know where this one lays.

 

I was responding to the bolded part, which didn't look like it carried the same uncertainty that the second part did. Clear now?

[shadroch]

So you are saying that most payouts from lawsuits and from insurance companies are taxable?interesting.

[FFB]

So you are saying that most payouts from lawsuits and from insurance companies are taxable?interesting.

 

If we're talking tort litigation, yes. Damages awarded due to physical injuries are not taxable, but other damages (including emotional distress, lost wages, etc.) are taxable. There may be other kinds of litigation that we're not considering here where settlements are not taxable, such as property damage other things. In other words, if someone smashes into your parked car while you're not in it, a settlement you make for the property damage is not taxable.

[agro23]

This wasn't a first amendment case.

No,but that was the defense that there was no defamation and the use of Twist's name was protected as speech.

[agro23]

So does this have any bearing on the suit with Gaiman and the MiracleMan properties? Will we get to see the last issue of MM (which is in the can and has been for years)?

Different lawsuit. Go ask Mr. Gaiman. I think he has a blog.

[the blob]

"......I guess my point was that both percentages are taken off the total award, so the remainder is sometimes quite small compared to the award......As far as the tax percentage, 35% plus 5-7 % from state and local taxes...."

 

not exactly. depending on where you are (I'm not sure the supreme court has dealt with this issue, it might have), you either only get taxed on what you keep or you can deduct the lawyer's fee as an expense. the Alternative Minimum Tax might result in you not getting the full value of the deduction, however, but don't quote me on that.

[shadroch]

If Nicole Smiths estate wins the case against the estate of her ex-husbands son,would that money be taxable?

[Aces]

If Nicole Smiths estate wins the case against the estate of her ex-husbands son,would that money be taxable?

 

One of the reasons they moved to the Bahamas right?

[Silver Surfer]

If Nicole Smiths estate wins the case against the estate of her ex-husbands son,would that money be taxable?

 

Estate tax? Learned that from playing Monopoly.

[the blob]

I am neither a tax lawyer nor an accountant.

 

Given that the old coot died what, 10-15 years ago, I suspect the estate already paid the estate tax, so I'm guessing her estate would not pay any additional taxes other than, perhaps, if she's awarded interest or something like that. And I'm guessing that would be taxed as income, not under the estate tax, but that's really a question for someone who knows all the nuances.

[Silver Surfer]

If Nicole Smiths estate wins the case against the estate of her ex-husbands son,would that money be taxable?

 

One of the reasons they moved to the Bahamas right?

 

They would have to give up their U.S. citzenship to do so, no? Might be worth it for $500 million.