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Internal Revenue Codes Internal Revenue Code, Section 104(a) Compensation for Injuries or Sickness This section of the IRS Code allows claimants to exclude from their gross income monies received for personal injuries or sickness whether by suit or agreement and whether as lump sums or periodic payments. The Periodic Payments Act of 1982 amended this section to allow the recipient to exclude from gross income all of the payments from a suit or agreement, whether paid all at once or in the future. more information Internal Revenue Code, Section 130 Certain Personal Injury Liability Agreements This section of the IRS Code permits the amount of money used to purchase an annuity or government obligation to fund payments of a settlement agreement for a personal injury suit to be excluded from the assignee's gross income. more information |
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