Wednesday, March 19, 2008
The court of appeals correctly concluded that compensatory damages received for emotional distress and loss of professional reputation qualify as taxable “gross income” under Section 61(a) of the Internal Revenue Code, 26 U.S.C. 61(a). Its decision does not conflict with any decision of this Court or of any other court of appeals. Further review is unwarranted.
(Hat Tip: Marshall Chriswell.) Prior TaxProf coverage:
- Germain on Murphy's Cert. Petition (12/17/07)
- Murphy Files Cert. Petition in U.S. Supreme Court (12/14/07)