Contingent attorney fees included in taxpayer's income.
The Tax Adviser › Vol. 31 Nbr. 8, August 2000
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Contingent attorney fees included in taxpayer's income.
The IRS has long held that contingent fees paid by a taxpayer from a favorable award or settlement (whether actually paid or withheld) are included in the taxpayer's gross income and deducted as a miscellaneous itemized deduction (Rev. Rul. 80-364). Practitioners searching for a more favorable treatment for these fees will find no comfort in the Tax Court's recent decision in Kenseth, 114 T...
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