creed 1,645 Posted April 24, 2023 Share Posted April 24, 2023 1 hour ago, icanthearyou said: Fox will be able to write off the entire amount. The American taxpayer will help them cover this "expense". IMO, payments made as the result of a lawsuit or, fines by government, should NOT be tax deductible. I believe Dominion is going is going to help because they will have to claim the settlement as income and pay taxes. Link to comment Share on other sites More sharing options...
Didba 5,256 Posted April 24, 2023 Share Posted April 24, 2023 Just to reiterate, defamation cases are very hard to win as plaintiffs so for Fox News to settle this case before trial meant they were very concerned of an adverse jury verdict against them for billions. 1 Link to comment Share on other sites More sharing options...
DKW 86 7,439 Posted April 25, 2023 Share Posted April 25, 2023 On 4/23/2023 at 7:19 PM, creed said: I believe Dominion is going is going to help because they will have to claim the settlement as income and pay taxes. I dont think Dominion owes any taxes on a court settlement. Link to comment Share on other sites More sharing options...
DKW 86 7,439 Posted April 25, 2023 Share Posted April 25, 2023 13 hours ago, Didba said: Just to reiterate, defamation cases are very hard to win as plaintiffs so for Fox News to settle this case before trial meant they were very concerned of an adverse jury verdict against them for billions. AND having their "talent" permanently damaged by explaining all those messages about how crazy trump and the election fraud really was on primetime. Link to comment Share on other sites More sharing options...
wdefromtx 3,159 Posted April 25, 2023 Share Posted April 25, 2023 (edited) 1 hour ago, DKW 86 said: I dont think Dominion owes any taxes on a court settlement. Typically (I think) if a settlement is from non physical injuries it is treated like income and taxable. Granted, I am sure they will find ways to offset it on paper. But considering this lawsuit settlement is orders of magnitude higher than their normal annual revenue that may be hard. I hope their employees get a heck of a bonus this year and send Fox a lot of fruitcake for Christmas. Edited April 25, 2023 by wdefromtx Link to comment Share on other sites More sharing options...
Didba 5,256 Posted April 25, 2023 Share Posted April 25, 2023 1 hour ago, DKW 86 said: AND having their "talent" permanently damaged by explaining all those messages about how crazy trump and the election fraud really was on primetime. No doubt that the threat of a public apology added major leverage in settlement negotiations. Link to comment Share on other sites More sharing options...
Leftfield 2,638 Posted April 25, 2023 Share Posted April 25, 2023 2 hours ago, DKW 86 said: AND having their "talent" permanently damaged by explaining all those messages about how crazy trump and the election fraud really was on primetime. 23 minutes ago, Didba said: No doubt that the threat of a public apology added major leverage in settlement negotiations. I'm thinking this is a big reason why Dominion settled. The way Smartmatic is talking (and of course it could be bluster), their evidence is even stronger. Dominion may have just said "screw it, let's take the money and run" and let Smartmatic do the dirty work. If Fox ends up having to publicly apologize to Smartmatic, the public at large will just lump Dominion in with them. Link to comment Share on other sites More sharing options...
icanthearyou 4,463 Posted April 25, 2023 Share Posted April 25, 2023 5 hours ago, DKW 86 said: I dont think Dominion owes any taxes on a court settlement. I think it depends on the type of damages. Is there a lawyer in the house? Link to comment Share on other sites More sharing options...
TexasTiger 12,998 Posted April 26, 2023 Share Posted April 26, 2023 22 hours ago, icanthearyou said: I think it depends on the type of damages. Is there a lawyer in the house? https://www.mdtaxattorney.com/resources/do-i-have-to-pay-taxes-on-a-lawsuit-settlement/amp/ 1 Link to comment Share on other sites More sharing options...
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