Imus gets 20 million, poss. WABC gig (Drudge)

[Dan Strassberg]

Don't you suppose that compensatory and punitive damages are treated
differently? My guess is no tax on compensatory damages whereas punitive
damages are treated as ordinary income. Since that makes sense, it probably
is not how it's done, though.

--
Dan Strassberg, dan.strassberg@att.net
eFax 707-215-6367

----- Original Message -----
From: "John Francini" <francini@mac.com>
To: "Laurence Glavin" <lglavin@mail.com>
Cc: "BostonRadio Mailing List"
<boston-radio-interest@rolinin.bostonradio.org>
Sent: Tuesday, August 14, 2007 2:45 PM
Subject: Re: Imus gets 20 million, poss. WABC gig (Drudge)


> Are court awards in civil suits taxable income?
>
> j
>
>
> On 14 Aug 2007, at 12:13, Laurence Glavin wrote:
>
> >> ----- Original Message -----
> >> From: "Bob Nelson"
> >> To: "BostonRadio Mailing List"
> >> Subject: Imus gets 20 million, poss. WABC gig (Drudge)
> >> Date: Tue, 14 Aug 2007 09:50:14 -0500
> >> http://www.drudgereport.com
> >
> >> Matt Drudge is reporting that Imus has 20 million reasons to be
> >> happy, and they all have
> >> George Washington's picture on them...thanks to a settlement with
> >> CBS...and he also
> >> may wind up with a slot on WABC.
> >
> > If it will make you feel better: if he gets that in one single payout
> > and is a resident of the State of New York, half of that will be
> > paid in
> > Federal and State taxes.  (If he tries some "resident of New Mexico
> > or Connecticut"
> > dodge, he may still pay close to that.)
> >
> >
> > --
> > We've Got Your Name at http://www.mail.com !
> > Get a FREE E-mail Account Today - Choose From 100+ Domains
> >
> >
>