IR-2010-78 (Jun. 25, 2010)

(IRS provides guidance on tax impacts of oil well leak in Gulf of Mexico on impacted businesses and individuals;  any payments received from British Petroleum for lost income on account of the leak must be reported in income and are subject to tax in manner similar to the wages or income that they replace; but, if payment is for physical injury or property loss, such amounts would generally not be subject to tax; IRS to hold "Tax Assistance Day" on July 17 in seven locations along the Gulf Coast). 

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