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'MURPHY' CASE MAKES NEW EDITION OF TAX STORIES
July 30, 2008
Paul Caron, the TaxProf, is preparing a second edition of Tax Stories, a terrific compilation of the backstories of landmark tax cases. He has posted an except of a chapter he is adding about the Murphy case, the one where the D.C. Circuit ruled that damages for loss of reputation couldn't be taxed because such damages weren't considered income in 1913. From the excerpt:
The D.C. Circuit, prodded by the tax blogosphere, ultimately backed away from the brink, but the panel’s willingness to arm the anti-tax brigades should give pause to those committed to defend the income tax. Although questions about the taxation of damage recoveries will not bring down the income tax, the willingness of so many to shake its foundations may ultimately prove its undoing.
Link: Tax Update Murphy coverage.
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