kcjenkins Posted June 24, 2007 Report Share Posted June 24, 2007 This question has come up several times recently, and while the consensus was that it should be a capital gain item, we had no clear cite. IRS recently issued PLR 161356-05 available at http://www.irs.gov/pub/irs-wd/0724012.pdf. While it can not be cited, this ruling clearly lists the authority that they used to reach the determination, which should give us a clear map to cites to defend the reporting of the settlement as a capital gain item. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted June 25, 2007 Report Share Posted June 25, 2007 Thanx for the info, KC. taxbilly Quote Link to comment Share on other sites More sharing options...
Pacun Posted June 25, 2007 Report Share Posted June 25, 2007 Isn't this forum lovely!!!???. I asked this question about a month ago and JOHNH gave me good information about my problem and now KC put the icing on the cake!!! Thank you both. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 27, 2007 Author Report Share Posted June 27, 2007 We aim to please !!!!!!! Quote Link to comment Share on other sites More sharing options...
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