Firm Insights
Tax Code Section 104(a)(2) provides that “damages (other than punitive damages) received … on account of personal physical injuries or physical sickness” are excludable from the recipient’s gross income for tax purposes. In 1996, Congress, through the Small Business Job Protection Act, amended this section to specifically provide that damages received under a claim of…
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Part One of Three: This is the first of a three-part blog series. In this post, I will describe generally how an Initial Coin Offering (ICO) operates. Stay tuned for discussions in my second and third posts on how the Securities and Exchange Commission and the Internal Revenue Service might characterize and treat these ICOs.…
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In honor of Valentine’s Day, I’d like to share a twist on a classic love story – two young, naïve individuals meet, find they have common interests, and start dreaming about their future. Eventually, these like-minded individuals decide that they are ready to take the “plunge” and enter into a long-term commitment. After months of…
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