- Ag Docket
(IRS issuance of Final Regulations (Treas. Reg. §1.104-1) concerning whether amounts received for physical injury or sickness are excludible from income under I.R.C. §104; pursuant to the Small Business Job Protection Act of 1996, Final Regulations eliminate requirement that, to be excluded from income, damages received pursuant to legal action or settlement agreement have to be based on “tort or tort type rights” – result of U.S. v. Burke, 504 U.S. 229 (1992),reversed insomuch as the regulations allow the exclusion of damages awarded under no-fault statutes; receipt of non-punitive damages as compensation for personal physical injury or sickness excluded from income).
CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.