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Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settlement: $3,300 Damage to her automobile that the collector attempted to
Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settlement: $3,300 Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages $15,000 $6,000 $80,000 a. Regarding Leigh's settlement, dassify the following as either "Included in" or "Excluded from her gross income. Included in/Excluded from Income Damage to her automobile that the collector attempted to repossess . Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages Induded in Excluded from b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 included in Leigh's gross income? Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settlement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 a. Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from her gross incomo. Included in/Excluded from Income Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Included in Excluded from Punitive damages b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 Induded in Leigh's gross income? Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settlement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 a. Regarding Leigh's settlement, classify the following as either "Induded in" or "Excluded from her gross income. Included in/Excluded from Income Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages Included in Excluded from b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 induded in Leloh's gross income? Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settiement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 a. Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from her gross income. Included in/Excluded from Income Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages Included in Excluded from b. Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 Included in Leigh's gross income? Problem 5-35 (LO. 2) Leigh sued an overzealous bill collector and received the following settiement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 a. Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from her gross income. Included in/excluded from Income Damage to her automobile that the collector attempted to repossess Physical damage to her arm caused by the collector Loss of income while her arm was healing Punitive damages b. Assume that Leigh also collected $25,000 of damages for stander to her personal reputation caused by the bill collector misrepresenting the facts to Lolah's employer and other creditors. In this $25,000 indluded in Leigh's cross income? Yes NO
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