Legal Question in Tax Law in California

Is a Class Action Settlement Taxable?

I have received a medical Phen-Pen Class action suit settlement. I live in California. Is this money taxable Federal or State?

Thank you.


Asked on 11/16/06, 1:12 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Is a Class Action Settlement Taxable?

this question cannot be answered without reviewing the settlement agreement.

see:

http://www.irs.gov/businesses/page/0,,id%3D7050,00.html#TaxTreat2

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Answered on 11/17/06, 9:06 am


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