Matt injured Buddy in an automobile accident. The court awarded Buddy $30,000 in damages, but Matt was
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Matt injured Buddy in an automobile accident. The court awarded Buddy $30,000 in damages, but Matt was only able to pay Buddy $12,000. They both then considered the matter closed. Under these terms, compute the amount of gross income to Buddy and Matt from this event.
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Related Book For 
Federal Tax Research
ISBN: 9781111221645
9th Edition
Authors: William Raabe, Gerald Whittenburg, Debra Sanders, Roby Sawyers, Steven Gill
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