MGC94
Level 7
2 weeks ago
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I asked for: Do you have the settlement agreement (or attorney letter) spelling out what each portion covers—lost income, emotional distress, interest, etc.
Taxpayer: Our lawyer said that the settlement is not reported the same as straight income and to defer to our accountant.
I don’t have a breakdown of what you asked - I know there was 7 % interest & we settled for way less than they owed us so there is lost income as well to factor in.
