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Class Action Lawsuit Enhancement Fee

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Class Action Lawsuit Enhancement Fee

Postby kenway » Sat Jun 07, 2014 8:50 pm

s About Taxes)/Class Action Lawsuit Enhancement Fee Advertisement Expert: John Stancil, CPA - 11/8/2011 I received a letter stating that as the named person in a class action lawsuit, I will receive an "Enhancement Fee".  Is this fee taxable?
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Class Action Lawsuit Enhancement Fee

Postby Kynon » Thu Jun 19, 2014 6:47 am

Harv,

Thanks for your question.

Probably not, but it depends on the nature of the lawsuit and what the "Enhancement Fee" covers. Most likely it is a payment to compensate you for some "loss" that you suffered as a result of using the products, services, etc. of the company that is subject to the lawsuit.  As such it would not be taxable.

Hope this helps.

John Stancil, CPA
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