I suppose the answer would be seven. There were six shark attacks that resulted in death: the girl at the very beginning, the dog, the little boy (Alex Kintner), the guy in thâ¦e lagoon who gets his leg bitten off, Ben Gardner, and Quint the shark hunter.
Code Section 451(d) provides that, under certain circumstances, crop producers reporting on the cash method of accounting may elect to include crop insurance and disaster payments in income of the tax year following the taxable year of crop destruction or damage.
Share this conversation. Expert: The Land Advisor replied 8 years ago. It seems unfair, but the gross proceeds of your settlement-the amount shown on the 1099 - is taxable income. Your out of pocket costs for the class action lawsuit are deductible BUT as a miscellaneous itemized deduction.Your expenses that are associated with the work that was done on the structure that was repaired are added to the basis (if it is your house) or deducted as a repair cost (if it is a rental property) ...either way it is NOT deducted from the proceeds of the 1099 class action lawsuit settlement.I know it seems that the taxpayer gets the wrong end of the stick with this interpretation... but see below for a more formal outline of this conclusion.ither way it is NOT deducted from the proceeds of the 1099 class action lawsuit settlement. I know it seems that the taxpayer gets the wrong end of the stick with this interpretation... but see below for a more formal outline of this conclusion.