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Fox Rothschild LLP | USA | 13 Apr 2012

Third Circuit reverses tax court and holds taxpayers received tax-exempt interest on deferred payments from the Pennsylvania Department of Transportation negotiated as part of an out-of-court settlement

The Third Circuit, in partially reversing the Tax Court, in DeNaples v. Commissioner, 109 AFTR 2d 2012-1419 in a three judge panel opinion filed on March 19, 2012, held that two couples were in receipt of tax-exempt interest income under 103 with respect to installment payments made under an out-of-court settlement agreement with the State of Pennsylvania that arose out of an eminent domain proceeding.

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