CPA Myrna forgot to tell her client, Freddie, to accelerate the payment of state income and property
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CPA Myrna forgot to tell her client, Freddie, to accelerate the payment of state income and property taxes in a year when Freddie was in an unusually high tax bracket. Upon discovering the error, the parties negotiated a $1,500 payment from Myrna (and her insurance company) to Freddie to compensate Freddie for Myrna’s inadequate professional advice. Is this payment gross income to Freddie?
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