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9. What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. Required: a. Janus sued
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What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. Required: 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, Carr's insurance paid him $50,000 to reimburse his medical expenses and an additional $25,000 for the emotional distress Carl suffered as a result of the accident. c. Alax 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 Step by Step Solution
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