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Alioune received the following amounts in 2021: (1) $5,000 for earthquake damages to his house paid by his property insurance company; his basis in the
Alioune received the following amounts in 2021: (1) $5,000 for earthquake damages to his house paid by his property insurance company; his basis in the house was $250,000 at the time of the earthquake, (2) $10,000 cash inheritance from his father, (3) $30,000 payments for disability under a policy paid for by Alioune, and (4) $20,000 from a court judgment for pain and suffering for a physical injury and $100,000 for punitive damages related to the injury. How much of these payments are includible in Alioune's taxable income, if any? Alioune received the following amounts in 2021: (1) $5,000 for earthquake damages to his house paid by his property insurance company; his basis in the house was $250,000 at the time of the earthquake, (2) $10,000 cash inheritance from his father, (3) $30,000 payments for disability under a policy paid for by Alioune, and (4) $20,000 from a court judgment for pain and suffering for a physical injury and $100,000 for punitive damages related to the injury. How much of these payments are includible in Alioune's taxable income, if any
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