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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368 Exercise 27
What amounts are included in gross income for the following taxpayers Explain your answers.
a.Janus sued Tiny Toys for personal injuries from swallowing a toy.Janus was paid $30,000 for medical costs and $250,000 for punitive damages.
b.Carl was injured in a car accident.Carl's insurance paid him $500 to reimburse his medical expenses and an additional $250 for the emotional distress Carl suffered as a result of the accident.
c.Ajax published a story about Pete and as a result Pete sued Ajax for damage to his reputation.Ajax lost in court and paid Pete an award of $20,000.
d.Bevis was laid off from his job last month.This month he drew $800 in unemployment benefits.
a.Janus sued Tiny Toys for personal injuries from swallowing a toy.Janus was paid $30,000 for medical costs and $250,000 for punitive damages.
b.Carl was injured in a car accident.Carl's insurance paid him $500 to reimburse his medical expenses and an additional $250 for the emotional distress Carl suffered as a result of the accident.
c.Ajax published a story about Pete and as a result Pete sued Ajax for damage to his reputation.Ajax lost in court and paid Pete an award of $20,000.
d.Bevis was laid off from his job last month.This month he drew $800 in unemployment benefits.
Explanation
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Verified
Sickness and Injury-Related Exclusions
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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
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