Winners and losers in " Cosentino " cases a footnote to profesor Jensen's article Richard P. Wild
By: Wild, Richard P
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Material type: 
ArticlePublisher: 2017Subject(s): ASESORES FISCALES | PLANIFICACION FISCAL | DECLARACIONES TRIBUTARIAS | ELUSION FISCAL
In:
Journal of Taxation of Investments v. 34, n. 4, Summer 2017, p. 79-84Summary: The economic impact on clients, tax advisors, and tax collectors resulting from damage payments based on malpractice claims issignificantly affected by the income tax treatment of such payments.Should damage recoveries be taxed and, if so, should clients be grossed-up? This article illustrates the economic effects under several scenarios. The more the law favors taxation of damage payments, the more tax collectors benefit from increased net tax revenue, at the expense of clients. However, the greater the tilt in favor of taxing recoveries, the stronger the case for grossup payments. Gross-ups shift costs from clients to advisors.and could actually create a windfall to clients, the cost of which would be borne by advisors and tax collectors.
| Item type | Current location | Home library | Call number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| IEF | OP 235/2017/34/4-6 (Browse shelf) | Available | OP 235/2017/34/4-6 |
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| OP 235/2017/34/4-3 Section 355 and the suffering of closely held corporations | OP 235/2017/34/4-4 Securitization of our nation's forests | OP 235/2017/34/4-5 International investors and corporate taxation | OP 235/2017/34/4-6 Winners and losers in " Cosentino " cases | OP 235/2017/35/1-1 Physical presence and state taxing authority | OP 235/2017/35/1-2 Monetizing certain deferred tax assets in a rising interest rate environment | OP 235/2017/35/1-3 The still - rising tide |
Disponible también en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Conclusión.
The economic impact on clients, tax advisors, and tax collectors resulting from damage payments based on malpractice claims issignificantly affected by the income tax treatment of such payments.Should damage recoveries be taxed and, if so, should clients be grossed-up? This article illustrates the economic effects under several scenarios. The more the law favors taxation of damage payments, the more tax collectors benefit from increased net tax revenue, at the expense of clients. However, the greater the tilt in favor of taxing recoveries, the stronger the case for grossup payments. Gross-ups shift costs from clients to advisors.and could actually create a windfall to clients, the cost of which would be borne by advisors and tax collectors.
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