Asset Management: Taxpayers Receive Tax-Exempt Interest on Settlement

In DeNaples v. Commissioner, 109 AFTR 2d 2012-1419 (March 19, 2012), the U.S. Court of Appeals for the Third Circuit, in partially reversing the U.S. Tax Court, held that taxpayers were in receipt of tax-exempt interest income under Section 103 of the Internal Revenue Code with respect to installment payments made pursuant to a settlement agreement with the commonwealth of Pennsylvania that arose out of an eminent domain proceeding.
TheLegalIntelligencer.com

View this post on my blog: http://onlinefindlawyers.com/find-lawyers/asset-management-taxpayers-receive-tax-exempt-interest-on-settlement.html