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Lawsuit settlements tax deductability

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    #1

    Lawsuit settlements tax deductability

    Can someone point me to some clear guidance on the tax deductibility of lawsuit settlements. I have a client that is settling with the plaintiff for damages above the liability on his business autos. Is this deductible?
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    #2
    Pub 4345 is a quick reference. Check TTB 3-17 2019 Deluxe Edition.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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