Suzzanne Gross Tax Memo Essay

855 words - 4 pages

Tax Memo Suzzanne Gross

Summary of Facts

Suzzanne Gross was former Chief Operations Officer of a mid-sized engineering firm called Anebako. She was also an investor in several projects that the firm undertook. Suzzanne supervised up to twelve engineers at the firm. A co-worker accused Suzzanne of sexual harassment. The company interviewed the initial accuser and decided to investigate the matter further. All of Suzzanne’s reporting engineers were then interviewed. Suzzanne eventually resigned, hired an attorney, and accused the company of age discrimination and defamation. In the State of Minnesota both suits are considered State civil claims. No court case was filed after a ...view middle of the document...

IRC 61 defines what is included and considered gross income and includes Compensation for services, including fees commissions, fringe benefits, and similar items, Gross income derived from business, gains derived from dealings in property, interest, rents, Royalties, Dividends, Alimony and separate maintenance payments, annuities, income from life insurance and endowment contracts, pensions, income from discharge of indebtedness, distributive share of partnership gross income, income in respect of a decedent, and income from and interest in an estate or trust. Of the total settlement, $120,000 has been agreed to be taxed. It appears this $120,000 includes lost wages from the employer and is subject to taxation. The lump sum payments were for alleged personal injuries and are therefore not considered gross income and Gross is not required to report it as income on her Federal Tax Return. The Agreement states “No part of the payments to be made to Gross under subparagraphs 3(b) or 5(a) [the liquidation payment] is allocable to punitive damages, compensation for other claimed damages, or interest thereon.” Therefore, neither the lump sum payment nor the liquidation payment can be considered punitive damages (punitive damages are taxable). The liquidation payment of $500,000 can be considered a capital gain or loss depending on the initial basis of the asset. It can be classified as short-term or long-term depending on how long Gross has owned the asset. Per the IRS, typically long term capital gains are taxed at lower rates than short-term. (IRS Topic 409).

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