How many remedies make a tort? The aftermath of U.S. v. Burke and its impact on the taxability of discrimination awards

Article Abstract:

Courts determining whether discrimination damage awards and settlements are excluded from income under IRC section 104(a)(2) should focus on the nature of the claim and not on the number of remedies available under the relevant anti-discrimination statute. In United States v. Burke, the US Supreme Court found that an award for sex discrimination was not excluded from income even though the Court also found that such discrimination was a personal injury. The Court has created confusion in the application of section 104(a)(2) that can only be resolved by allowing the personal injury nature of claims to be the controlling factor.

United States, Personal injuries, Discrimination

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Tax consequences of contract breach: proposed relief for the forced realization of income

Article Abstract:

The IRS's taxation of damages characterized as ordinary income rather than return of capital results in undercompensation of non-breaching parties. A change in the tax law would be preferable to judicial increase of damages to remedy this inefficiency. Damages from breach of contract should not be recognized as taxable income if a like-kind reinvestment is made within a specified period. Contract damage awards should be recognized as being similar to involuntary conversions, for which gain is postponed under IRC 1033.

Breach of contract

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Federal income tax aspects of stripped mortgage-backed securities

Article Abstract:

The tax accounting and tax reporting rules for stripped mortgage-backed securities depend on whether the security was issued by an investment trust or by a real estate mortgage investment conduit (REMIC). Original issue discount rules are applied, and these also differ according to whether the issuer is an investment trust or a REMIC. Stripped mortgage-backed securities are either interest only or principal only.

Laws, regulations and rules, Mutual funds, Discount (Finance), Mortgage-backed securities, Mortgage backed securities, Real estate mortgage investment conduits

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