Damages Included/Excluded from GI Flashcards
Benefits paid from a Disability Insurance Policy were the EMPLOYEE paid the premiums with after-tax dollars
Excluded
Benefits from Disability Insurance were the EMPLOYER paid the premiums
Included
Benefits from a Disability Insurance Policy were both employer and employee (after-tax dollars) paid the premiums
Allocate income based on percentage of premiums paid by the employer and employee.
Employer portion - include
Employee portion -exclude
Does it matter if damages are paid as a lump-sum or by periodic payments?
No
Damages paid for WRONGFUL DEATH
Excluded to the extent of physical injury/illness
In Court and Out of Court settlements for LOSS OF BUSINESS PROFITS
Included
Damages for personal, business, or professional SLANDER
Included
Pension, Annuity or Similar Allowance received for personal injury/illness as a result of active service in the Millitary
Excluded
Payments received from an Accident &Health Insurance policy were premiums are paid by EMPLOYER
- benefits that are a substitute of wages - include
- Medical expenses - Exclude
- Disability - Excluded
* Medical/Disability payments for TP, Spouse and dependents**
Worker’s Compensation
Excluded because it is related in personal injury/illness
Payments received from an Accident & Health Insurance policy were premiums are paid by EMPLOYEE
Excluded
* Employee is considered to have basis so the entire amount is excluded
Damages paid for emotional distress only
included
Damages for emotional distress do to age/employment discrimination
included
Damages for emotional distress related to physical injury/illness
excluded
Compensatory damages for personal injury/illness
excluded
