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COMMISSIONER v. BANKS

No. 03-892.

543 U.S. 426 (2005)

125 S.Ct. 826

160 L.Ed.2d 859

COMMISSIONER OF INTERNAL REVENUE v. BANKS.

Supreme Court of United States.

Decided January 24, 2005

Attorney(s) appearing for the Case

David B. Salmons argued the cause pro hac vice for petitioner in both cases. With him on the briefs were former Solicitor General Olson, Acting Solicitor General Clement, Assistant Attorney General O'Connor, Deputy Solicitor General Hungar, Richard Farber, and Kenneth W. Rosenberg.

James R. Carty argued the cause pro hac vice for respondent in No. 03-892. With him on the briefs were Robert G. Wilson, Russell R. Young, Roger J. Jones, William J. Wise, and Glenn P. Schwartz. Philip N. Jones argued the cause for respondent in No. 03-907. With him on the briefs were Peter J. Duffy, Holly N. Mitchell, and Eric Schnapper.†

JUSTICE KENNEDY delivered the opinion of the Court.

The question in these consolidated cases is whether the portion of a money judgment or settlement paid to a plaintiff's attorney under a contingent-fee agreement is income to the plaintiff under the Internal Revenue Code, 26 U. S. C. § 1 et seq. (2000 ed. and Supp. I). The issue divides the courts of appeals. In one of the instant cases, Banks v. Commissioner...

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