Taxation of discrimination awards

Article Abstract:

Damages and back pay awarded under the Age Discrimination in Employment Act, or similar anti-discrimination laws, cannot be excluded from gross income, according to the US Supreme Court's Schleier decision interpreting IRC s. 104(a)(2). Compensatory damages for mental anguish or other non-economic losses on account of personal injuries may be considered excludable. Characterizing settlement allocations as compensatory instead of punitive, and for tangible personal injuries, rather than for lost wages or other economic injuries, may result in favorable tax treatment.

Remedies, Employment discrimination, Age discrimination, Liquidated damages, Lost earnings damages

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Tax status of for-profit and not-for-profit joint ventures

Article Abstract:

Operators of joint ventures between tax-exempt organizations and profit-making business enterprises may refer to IRS Revenue ruling 98-15 for rules regarding the tax-exempt status of nonprofit organizations. The ruling provides a fact situation which can be used as a safe harbor for retention of tax-exempt status. Important factors include control, management, terms of agreement, and continuance of charitable purpose.

Joint ventures, Business enterprises, Nonprofit organizations

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The Bush 2004 budget: a little crystal ball gazing

Article Abstract:

President George W. Bush's plan for the 2004 federal budget is reviewed. Though it is doubtful that the entire plan will pass without compromise, the final budget will probably retain enough of the plan that Bush will be willing to sign it.

Strategy & planning, Planning, Tax policy, Company business planning, Federal budget

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