What federal income tax consequences arise from the facts

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Reference no: EM133612328

Problem: P sued D for injuries stemming from a boating accident. The case settled, and P recovered $120,000 in compensatory damages and $60,000 in punitive damages from D. Pursuant to the contingent fee arrangement with P's lawyer, L, P paid one-third of the total recovery ($60,000) to L. What federal income tax consequences arise from these facts?

Reference no: EM133612328

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