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    lawsuit settlement

    A business owner, operating a restaurant, lost his building from a sinkhole problem surrounding the building. The city forced him to close and shortly thereafter the building was demolished. the business owner sued and a settlement was reached out of court. the question is whether this income is taxable or not. The settlement was awarded as loss of income and loss of the building. thank you for answers.

    #2
    Loss of income is taxable, loss of building may be just a reimbursement of basis
    Believe nothing you have not personally researched and verified.

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