The government is disputing a court decision that requires them to purchase an annuity to pay a damage award instead of a lump sum. The government argues that the award for future lost earnings was not reduced to account for federal income taxes, and that the lump sum for future pain and suffering was not reduced to reflect the time value of money. The court ruled that the award must be structured, taxes should not be reduced, and the discount for time value of money is automatically accounted for by the annuity.
Estevez v. United States (1999)
United States District Court for the Southern District of New York
74 F. Supp. 2d 305
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