Litigation

 
Former structured settlement broker and Tulsa attorney Richard B. Risk, Jr. ("Dick Risk") of the Risk Law Firm, issued comments on proposed changes to regulations on the exclusion of physical injury or sickness damages from gross income. The proposed changes to the Regs concern the removal of the requirement that personal injury damages be based on "tort or tort-type rights".

Risk has asked the IRS to publish rules on the application of the economic benefit doctrine to amounts received to resolve claims. The economic benefit doctrune is one of the major arguments raised by opponents to the single clauimant QSF.

Risk has essentialy suggested wrapping the support points to the single claimant 468B QSF argument into IRC 104. Risk's comments appeared in Tax Notes October 7, 2009. The then 7 year pending issue of guidance on the single claimant 468B was removed from the Treasury Department's Priority guidance plan much to the chagrin of some.

Download 2009_Tax_Notes_Today_192-21