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Name:	MartiniMan -	Reply
Subject:	And Hound said I am callous!?!?
Date:	6/22/2010 9:11:04 AM

Turns out our friendly IRS plans to tax the payments made to the victims of the Gulf oil spill. But I am the callous one because I am critical of the federal government.......only the federal government in their insatiable hunger for revenue would outdo me. Hound, you must be so proud!

Name:	Talullahhound -	Reply
Subject:	No
Date:	6/22/2010 1:59:36 PM

I don't think the money should be taxed. But, I guess the logic is that if you are going to be reimbursed for "lost income" then when you get a payment from BP, it is income. Hey, don't expect me to be able to explain the IRS. They are a breed unto themselves.

Name:	Lifer -	Reply
Subject:	And Hound said I am callous!?!?
Date:	6/22/2010 3:15:53 PM

If it is income replacement it is subject to income taxes. If, however, it is 'law suit settlement' it is non-taxed income. It is a payoff to the trial lawyers. If they take half and the guvment takes half there is nothing left for the client, and hence no more filing of the 'suits'.

Name:	MartiniMan -	Reply
Subject:	Glad we agree
Date:	6/22/2010 4:10:18 PM

I am surprised with your insider knowledge of all things government that the IRS is a mystery to you. That is one area that government seems to do well (collecting taxes at the point of a gun) that I would like to reduce significantly.

Name:	Talullahhound -	Reply
Subject:	Glad we agree
Date:	6/22/2010 4:58:19 PM

I have never said that I have insider insight on all agencies of the government. I understand DoD and some of what goes on in the political side with regard to national security decisions. And that is becoming dated since I've been retired almost 4 years.

Name:	GoneFishin -	Reply
Subject:	It's the Law
Date:	6/24/2010 5:42:37 PM

IRC section 61 defines gross income as all income from whatever source derived. The general rule is that any accession to wealth must be included in taxable income unless the IRS provides a specific exclusion. There is no exclusion for proceeds received for lost income under a business interruption policy. Money received from BP compensates for income that would otherwise be taxable income and the proceeds are taxable. They can still deduct any expenses that are business related and not reimbursed. This is not callous it is the law.

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