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Mason Corporation sues Republic Company for patent infringement and is awarded $6,000,000 of damages and an additional $12,000,000 of punitive damages. How much, if any,

Mason Corporation sues Republic Company for patent infringement and is awarded $6,000,000 of damages and an additional $12,000,000 of punitive damages. How much, if any, of these payments is taxable to Mason? Should Republic Company be able to deduct any of these amounts? Explain.


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