Transcription of Tax Treatment of Legal Malpractice Recoveries - 02/12/07
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Tax Treatment of Legal Malpractice Recoveries - 02/12/07
Tax Treatment of Legal MalpracticeRecoveriesBy Robert W. WoodAlthough the tax Treatment of litigation payments andrecoveries receives significant attention, there is a paucityof authority concerning the tax aspects of Legal malprac-tice claims. Given the importance of the tax issues and theprevalence of Legal Malpractice claims, I find that surpris-ing. It is hard to think of a type of recovery that hasgenerated fewer tax authorities and smaller learning. Asa result, any review of this corner of the tax law is likelyto leave the reader with an unsatisfying, meal-interrupted Malpractice claims arise out of wills and trusts,litigation, tax advice, real estate deals, medical malprac-tice, and so on. A large number of the cases involverelatively simple acts or failures to act, such as the lawyermissing a statute of limitations, or affirmatively misstep-ping on some issue, such as recording a lien against thewrong parcel of a Legal Malpractice case settles or proceeds tojudgment, there are inevitably tax issues, however infre-quently they may be discussed in the tax literature.
Tax Treatment of Legal Malpractice Recoveries By Robert W. Wood Although the tax treatment of litigation payments and recoveries receives significant attention, there is a paucity
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