Mason Corporation sues Republic Company for patent infringement and is awarded $6,000,000 of damages and an additional $12,000,000 of punitive damages. How much, if any, of these payments is taxable to Mason? Should Republic Company be able to deduct any of these amounts? Explain.

Answer rating: 100% (QA)

The IRS wont constrain the citizen to adjust or change the new bookkeeping method except if there ar... View the full answer