Part 5 Your client operates a sole proprietorship. Billy Bully spread some horrible rumors about your client that severely damaged luis reputation. Your client is strong willed so the rumors didn't hurt his health, but the rumors did severely damage his business. Your client successfully sued Billy Bully for slander. The case went to trial and the jury awarded your client $1,000,000 in damages to compensate him for damage to his business caused by Billy Bully's slander. 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. The $1,000,000 settlement was 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