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Thus, damages for the destruction of goodwill (awarded under the Federal Antitrust Laws) are compensating for the destruction of a capital asset -- they are a "return" of this capital. It is settled law that, while a recovery (as court-ordered damages) of future profits is taxable, a recovery (as damages) of present capital is not.
The type of claim giving rise to the damages, such as whether it is a breach of contract action or tort claim, can affect the rules or calculations associated with a given type of damages. [3] For example, consequential damages are a potential type of expectation damages that arise in contract law.
State Farm Mutual Automobile Insurance Co. v. Campbell, 538 U.S. 408 (2003), was a case in which the United States Supreme Court held that the due process clause usually limits punitive damage awards to less than ten times the size of the compensatory damages awarded and that punitive damage awards of four times the compensatory damage award is "close to the line of constitutional impropriety".
To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognized for the award of damages. [2] Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages ...
In the situation where your damage is the result of a qualified disaster loss, you won’t be subject to the 10% reduction, but the deductible raises to $500. ... Deductible losses don’t include ...
Claiming Tax Deductions for Weather Damage. Vera Gibbons. Updated July 14, 2016 at 6:14 PM. Home damaged by weather. Did your roof collapse under the heavy weight of the snow? Did lightning strike ...
Compensatory damages In cases where the claimant has suffered ascertainable costs, it is easy to determine the amount of compensatory damages. In other cases where the liability results from the defendant failing to perform a service, it is necessary to calculate compensatory damages by inquiring how much it would cost for a third party to ...
Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...