I wonder how much of that the lawyers will be paid, and how much of the remaining will be taxed.
“I wonder how much of that the lawyers will be paid, and how much of the remaining will be taxed.”
Standard contingency is 1/3 (though it can vary, or need not be a contingency at all). So they’d get $667k. Caveat that I’m not an accountant, but generally court judgments aren’t taxable unless they are for something that would have otherwise been taxable. For instance, a judgment for unpaid wages is taxable, but a judgment for personal injury isn’t. This sounds like it falls into the not taxable category.