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George is awarded $55,000 in compensatory damages for harm to his reputation and $30,000 in compensatory damages for bodily injury. In addition, George is awarded
George is awarded $55,000 in compensatory damages for harm to his reputation and $30,000 in compensatory damages for bodily injury. In addition, George is awarded $275,000 in punitive damages. How much of these awards must George recognize in taxable income?
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$85,000
$275,000
$360,000
$330,000
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