Is a contingent attorney's fee includible in plaintiff's income?
Journal of Accountancy › Vol. 190 Nbr. 5, November 2000
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Is a contingent attorney's fee includible in plaintiff's income?
The courts disagree on whether taxpayers must report (and can deduct) certain attorneys' fees.
Agnes, a 64-year-old resident of California, successfully sued her exemployer in 2000 for wrongful termination; a jury awarded her $2 million. Agnes paid her attorney $800,000, 40% of the award, in accordance with their contingent fee agreement; thus, her net...See the full content of this document
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