Part 6 Billy Bully is really a bully. He spread some horrible rumors about another client of yours that severely damaged the client's reputation and caused him severe physical and emotional problems. As a direct result of Billy Bully's actions, your client was unable to work for a period of time and incurred significant medical expenses. Your client successfully sued I Billy Bully for slander. The case went to trial and your client was awarded $2,000,000 in damages. The jury allocated the $2,000,000 damage award as follows: Damages for lost wages: $100,000 Damages for personal injury: $250,000 Damages for pain and suffering: $300,000 Reimbursement of medical expenses: $70,000 Future medical expenses: $80,000 Punitive damages $1,200,000 Your client hired his attomey on an hourly basis. The attomey's bill totaled $400,000. Your client received the $2,000,000 settlement and paid the attorney $400,000. 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? Make sure you fully analyze each of the issues. Part 6 Billy Bully is really a bully. He spread some horrible rumors about another client of yours that severely damaged the client's reputation and caused him severe physical and emotional problems. As a direct result of Billy Bully's actions, your client was unable to work for a period of time and incurred significant medical expenses. Your client successfully sued I Billy Bully for slander. The case went to trial and your client was awarded $2,000,000 in damages. The jury allocated the $2,000,000 damage award as follows: Damages for lost wages: $100,000 Damages for personal injury: $250,000 Damages for pain and suffering: $300,000 Reimbursement of medical expenses: $70,000 Future medical expenses: $80,000 Punitive damages $1,200,000 Your client hired his attomey on an hourly basis. The attomey's bill totaled $400,000. Your client received the $2,000,000 settlement and paid the attorney $400,000. 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? Make sure you fully analyze each of the issues