Summary
A federal taxpayer's gross income included a $2.4 million award of punitive damages in a lawsuit against his private disability insurer, the U.S. Tax Court has ruled in affirming a deficiency assessment.
The plaintiff sued Paul Revere Life Insurance after the company terminated his benefits under a disability income insurance policy purchased in 1988.See the full content of this document
Extract
Punitive Damage Award Taxable, Rules U.S. Tax Court
In 2004, a federal court found the insurer liable for...
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