Part 3 I Your client successfully sued Big Uncaring Corporation for age discrimination and the case was settled for $1,000,000. Your client hired an attomey on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement. The $1,000,000 award was immediately deposited in the attorney's trust fund. The attomey wrote your client a $600,000 check and retained $400,000 of the $1,000,000 settlement to cover his fees. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees? Part 4 Your client successfully sued Big Uncaring Corporation for age discrimination and the case was settled for $1,500,000. The $1,500,000 was payable in 5 annual installments (without interest) of $300,000. Your client hired an attorney on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement immediately after the case ended. Your client received the first $300,000 installment this year. Because the attomey fee of $600,000 was due immediately, your client paid the full $600,000 attorney fee this year. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attorney fees? Part 3 I Your client successfully sued Big Uncaring Corporation for age discrimination and the case was settled for $1,000,000. Your client hired an attomey on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement. The $1,000,000 award was immediately deposited in the attorney's trust fund. The attomey wrote your client a $600,000 check and retained $400,000 of the $1,000,000 settlement to cover his fees. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attomey fees? Part 4 Your client successfully sued Big Uncaring Corporation for age discrimination and the case was settled for $1,500,000. The $1,500,000 was payable in 5 annual installments (without interest) of $300,000. Your client hired an attorney on a contingent fee basis. The agreement with the lawyer provided that the lawyer would receive 40% of any award or settlement immediately after the case ended. Your client received the first $300,000 installment this year. Because the attomey fee of $600,000 was due immediately, your client paid the full $600,000 attorney fee this year. What is the amount of your client's income and the amount and character of any deduction available as a result of paying the attorney fees