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Jack received a court award in a civil law suit against National Gossip. He received $120,000 for damages to his professional reputation, $70000 for damages
Jack received a court award in a civil law suit against National Gossip. He received $120,000 for damages to his professional reputation, $70000 for damages to his personal reputation, $50,000 in punitive damages and 15,000 for necessary counseling for emotional damages. How much of the award must Jack include in his gross income?
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In the United States court awards and settlements are generally not considered taxable income when t...
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