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Vol. 28 No. 1 - Fall 2008

28 1   September 2008

Focus on Pro Bono

From the Chair


Opinion Point

Continuing Problems in the Taxation of Damage Awards: Will Congress Ever Get It Right?

Congress has long struggled with the question of whether damage awards should constitute income. As long ago as 1944 in Raytheon Production Corp. v. Commissioner, 144 F.2d 110, 113 (1st Cir. 1944), the First Circuit stated: “The test is not whether the action was one in tort or contract but rather the question to be asked is ‘in lieu of what were the damages awarded?’” That general rule, when applied to most damage awards...

Points to Remember

Ninth Circuit Allows Late Challenges to Partnership Allocations by Bankrupt Partners– Does This Open the Door to TEFRA Abuse?

When the purposes of the tax laws and bankruptcy laws collide, the courts must determine which should have primacy. In Central Valley AG Enterprises v. United States, 531 F.3d 750 (9th Cir. 2008), rev’g 326 B.R. 807 (E.D. Cal. 2005), the court of appeals allowed a bankrupt partner to challenge partnership level tax allocations that had become final before bankruptcy...

Tax Bites


News Briefs

Boxscore & Calendar