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Attorney/plaintiff reporting
August 26, 2021
Q. We have the below scenario but we are trying to find the IRS source that backs this up:
C, an individual plaintiff in a suit for lost profits against corporation P, is represented by Attorney A. The corporation settles the suit for 300k, all of which will be included in the plaintiff's gross income. The attorney requests the corporation to write two checks, one payable to the attorney for 100k for compensation of legal services and the other to the plaintiff for 200k. The corporation writes…
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