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8. Based on the following 2014 events, how much should Rachel include in income on her federal income tax return? Jury awarded punitive damages $10,000

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8. Based on the following 2014 events, how much should Rachel include in income on her federal income tax return? Jury awarded punitive damages $10,000 Kickbacks on sale of goods (not treated as a reduction elsewhere) 5,000 Money borrowed from a bank 8,000 Increase in the value of an asset 1,000 a. $10,000 b. $15,000 c. $16,000 d. $24,000

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