Where as compensatory damages are intended to recompense the injured party for their losses, punitive damages are meant to punish those who they are applied against.
Further, punitive damages are also known as exemplary damages. Aside from its intent to punish the defendant for his willful of malicious misconduct, this is also awarded to make an example of the defendant's wrong actions so as to discourage other persons or companies from committing the same offense.
Punitive damages is also a type of Monetary remedy which is designed to punish the defendant for behavior that shocks the conscience of the finder of fact. Punitive damages are meant to serve as a deterrent. Unlike most compensatory damages for civil suits, the purpose of punitive damages is not to make the plaintiff whole, but to punish the defendant. Punitive damages are not awarded in every civil case and most states have strict rules and limitations on when punitive damages will be allowed.
Of or pertaining to punishment; involving, awarding, or inflicting punishment; as, punitive law or justice.
Whether or not punitive damages are taxable in New York City depends on the type of punitive damages. A punitive damage lawyer would be able to give you the specifics on the tax laws and punitive damages awards.
Yes
Punitive Damages
You theoretically can but you probably won't. Punitive damages are rare and require an extreme situation.
punitive damages are costs awarded to a party to punish the offending party, usually meant to discourage certain behaviour. Consequential damages are damages that attempt to rectify a cost of an innocent party when a breach has occurred in contract.
Both can sue for medical expenses and any disfigurement, scars and such also Punitive damages, punitive damages are meant to punish the person that caused the harm and if they have homeowners insurance they could be sued for several thousand in punitive damages.
The word punitive means serving to punish, so the opposite could be forgiving, or corrective.In civil suits, the opposite of punitive damages are "actual" damages or compensatory damages.
Depends on the State. Nebraska, for one, does not recognize punitive damages so you won't get them there. We live in such a litigious society. Punitive damages are supposed to be punishment for the offender but everyone thinks they are entitled to a piece of everybody else. Why would the sentence not be enough? If you are doing this to "get rich" - shame on you.
Compensatory and Punitive
Section 104 of the IRS Code concerns punitive damages. Punitive damages are awarded to punish a defendant for outrageous conduct. They're in addition to compensatory damages, which are for actual monetary losses. Punitive damages aren't subject to FICA (Medicare, Social Security) but they're taxable. The amount is reported as income on line 21 (Other Income) of Form 1040.