The Internal Revenue Service probably will claim about 38% of taxable money received in the settlement between fired football coach Earle Bruce and Ohio State University, said Jim Harman of the IRS office in Columbus, Ohio.
A $7.4-million lawsuit Bruce filed against the university and Jennings in Franklin County Common Pleas Court was dismissed Friday after the university agreed to pay Bruce a $471,000 settlement.
City and state taxes will claim a smaller share of the pot, Harman said. The city will get 2% and the state's share will be determined after federal taxable income is calculated. A portion of the settlement is tax exempt.