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Taxpayer received a court award in a physical injury suit against National Gossip. He received $120,000 for damages to his professional reputation, $100,000 for damages
Taxpayer received a court award in a physical injury suit against National Gossip. He received $120,000 for damages to his professional reputation, $100,000 for damages to his personal reputation, and $50,000 in punitive damages. Taxpayer excludes from his gross income as a damage award:
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