26 U.S. Code § 130 - Certain personal injury liability assignments
Any amount received for agreeing to a qualified assignment shall not be included in gross income to the extent that such amount does not exceed the aggregate cost of any qualified funding assets.
A prior section 130 was renumbered section 140 of this title.
1997—Subsec. (c). Pub. L. 105–34, § 962(a)(1), inserted “, or as compensation under any workmen’s compensation act,” after “(whether by suit or agreement)” in introductory provisions.
Subsec. (c)(1). Pub. L. 105–34, § 962(a)(2), inserted “or the workmen’s compensation claim,” after “agreement,”.
Subsec. (c)(2)(D). Pub. L. 105–34, § 962(a)(3), substituted “paragraph (1) or (2) of section 104(a)” for “section 104(a)(2)”.
1988—Subsec. (c). Pub. L. 100–647, in par. (2), redesignated subpars. (D) and (E) as (C) and (D), respectively, struck out former subpar. (C) which provided that the assignee does not provide to the recipient of such payments rights against the assignee which are greater than those of a general creditor, and as concluding provisions, inserted at end “The determination for purposes of this chapter of when the recipient is treated as having received any payment with respect to which there has been a qualified assignment shall be made without regard to any provision of such assignment which grants the recipient rights as a creditor greater than those of a general creditor.”
1986—Subsec. (c). Pub. L. 99–514 inserted “(in a case involving physical injury or physical sickness)”.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
Note that the IRS often titles documents in a very plain-vanilla, duplicative way. Do not assume that identically-titled documents are the same, or that a later document supersedes another with the same title. That is unlikely to be the case.
Release dates appear exactly as we get them from the IRS. Some are clearly wrong, but we have made no attempt to correct them, as we have no way guess correctly in all cases, and do not wish to add to the confusion.
We truncate results at 20000 items. After that, you're on your own.
- Certain Personal Injury Liability Assignments : 2014-08-29
- Qualified Assignment : 2014-08-29
- Qualified Funding Asset : 2014-08-29
- Information at Source : 2014-08-01
- Transfer to Corporation Controlled by Transferor : 2014-08-01
- Qualified Funding Asset : 2014-08-01
- Exceptions : 2014-08-01
- Information at Source : 2013-11-29
- Transfer to Corporation Controlled by Transferor : 2013-11-29
- Qualified Funding Asset : 2013-11-29
- Exceptions : 2013-11-29
- Charitable, Etc. Contributions and Gifts : 2005-12-23
- Certain Personal Injury Liability Assignments : 2005-12-23
- Certain Personal Injury Liability Assignments : 1999-10-29
- Certain Personal Injury Liability Assignments : 1999-10-22
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