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3
3LT
Level 2
February 22, 2024
Solved

Taxability of injury claim

  • February 22, 2024
  • 2 replies
  • 8 views

Scorp, pro motorcycle rider 100% shareholder, rider becomes injured, yearly scorp pays for an injury policy  through Lloyds of London. Pays 80,000 a year for policy of which Scorp expenses the 80g. 

The shortened season after injury produces a claim for 291,000. Is it taxable? Or is the Corporation able to show it tax free?

This topic has been closed for replies.
Best answer by BobKamman

Taxable to the corporation

2 replies

sjrcpa
sjrcpa
Level 15
February 22, 2024

S Corp receives the money?

Or the rider?

The more I know the more I don’t know.
    3
    3LTAuthor
    Level 2
    February 22, 2024

    The Scorp received the money. 

      BobKamman
      BobKammanAnswer
      Level 15
      February 22, 2024

      Taxable to the corporation

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