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Part 1 Your client was injured in an automobile accident. All of the $1,000,000 lawsuit settlement was because of personal injuries suffered by your client.

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Part 1 Your client was injured in an automobile accident. All of the $1,000,000 lawsuit settlement was because of personal injuries suffered by your client. Your client hired an attorney on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement. The $1,000,000 settlement was deposited in the attorney's trust fund. The attorney wrote your client a $600,000 check and retained $400,000 of the $1,000,000 settlement to cover his fees. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees? I Part 2 Your client was injured in an automobile accident. All of the $1,000,000 lawsuit settlement was because of personal injuries suffered by your client. Your client hired an attorney on an hourly basis. The attorney's bill totaled $400,000. Your client received the $1,000,000 settlement and paid the lawyer $400,000. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees? Part 1 Your client was injured in an automobile accident. All of the $1,000,000 lawsuit settlement was because of personal injuries suffered by your client. Your client hired an attorney on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement. The $1,000,000 settlement was deposited in the attorney's trust fund. The attorney wrote your client a $600,000 check and retained $400,000 of the $1,000,000 settlement to cover his fees. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees? I Part 2 Your client was injured in an automobile accident. All of the $1,000,000 lawsuit settlement was because of personal injuries suffered by your client. Your client hired an attorney on an hourly basis. The attorney's bill totaled $400,000. Your client received the $1,000,000 settlement and paid the lawyer $400,000. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees

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