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I think there is no concrete answer to this one as philosophy and opinion play heavily in the issue. Therefore here are my opinions. Yes, as compensatory damage is to compensate the "injured" party for its losses[there can be many different forms]. The purpose of punitive damage is supposed to punish the offending party in the hope that it will prevent a repeat of the same offense, AND ACT AS A DETERRENT to OTHERS who may in the future be tempted to take advantage of the opportunity to commit similar offenses. There are many who feel that punitive damages are unfair as they raise the plaintiff's recovery beyond his loss. I can understand that feeling, BUT I still believe that severe financial punishment is warranted, if proportional to the offense and the POTENTIAL FUTURE RISK to the general public, if allowed to be repeated in the future. I COULD agree with the removal of punitive damages from payment to the plaintiff AND his ATTORNEY[S], IF AND ONLY IF, those funds were donated to charity, or to government programs RELATED to enforcement against the transgression which led to the lawsuit.j3h.
What else can I help you with?
What is the difference between punitive and compensatory damages in a legal context?
Punitive damages are meant to punish the defendant for their actions, while compensatory damages are meant to compensate the plaintiff for their losses.
What Damages make a person whole again?
Compensatory and Punitive
Can you get punitive and compensatory damages awarded from a wrongful termination lawsuit?
You theoretically can but you probably won't. Punitive damages are rare and require an extreme situation.
What is the opposite of retaliation?
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.
Examples of punitive damages?
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.
What is the primary goal of compensatory damages?
To restore, or 'make whole' the aggrieved party. . . as opposed to punitive damages which are intended to punish the violator/respondant.
What is the purpose in awarding punitive damages?
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.
What are damages and their classifications in law of tort?
Damages is a general term that can be used to describe the harm caused by a tort and can also be used to describe the compensation awarded to the person who suffered that harm. When it describes the actual harm, it refers to a physical, mental or out-of-pocket money losses as a result of the tort. When it describes the compensation for the harm there are 2 types, compensatory damages and punitive damages. Compensatory damages compensate the injured person for the injuries suffered as a result of accedental or intentional torts. Punitive damages punish the person committing the intentional tort. For intentional torts, both compensatory and punitive dameages may be awarded.
What is IRS code 104?
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.
Can you receive compensatory damages in federal court?
can you recieve compensatory damages in federal court
Can you get punitive compensatory damages in a wrongful death civil law suit due to nursing homes neglect patient died?
in mediation civil law suit
Are proceeds from a malpractice settlement taxable?
I am not an expert - but - for what it is worth, I would have thought they were not taxable, as they are not really earnings - they are payment to you to compensate for harm done to you.....however it is best to contact a tax expert or an accountant to advise you properly.IMPROVE: It would also depend upon the state where you live, and if punitive damages were awarded. Typically, you are not taxed on compensatory damage awards, but you are on punitive damages (loss of consortium, mental anguish, etc.) that are awarded in addition to any compensatory damages awarded.
