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Four years ago, Lyle Mercer was injured in a railroad accident and sued the railroad for damages. The jury required the railroad to pay $620,000
Four years ago, Lyle Mercer was injured in a railroad accident and sued the railroad for damages. The jury required the railroad to pay $620,000 compensation for his physical injuries, $156,000 for lost wages during his long recuperation, and $1,327,500 punitive damages. How much of the $2,103,500 settlement is included in Lyles gross income?
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