Aug. 23, 2008
A 'Get Out of Jail' Card That's Far From Free
When a person is vindicated and receives compensation for unlawful incarceration, recent IRS releases suggest it may be taxable. That is indefensible, writes Robert W. Wood. - Forum Column
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
By Robert W. Wood
This article appears on Page 6
The news is full of stories about wrongfully convicted prisoners released from custody after years of incarceration. Often, they receive some kind of compensation. Whether the payment is large or small, it can rarely make up for what sometimes turns out to be a ruined life. Most such unfortunates are shocked to learn they may have tax problems too. When a pe...
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