Question
Taxpayer was injured in an automobile accident and received $25,000 for his physical injury, $50,000 for his loss of income, and $50,000 medical damages. As
Taxpayer was injured in an automobile accident and received $25,000 for his physical injury, $50,000 for his loss of income, and $50,000 medical damages. As a result of the award, the amount Taxpayer must include in gross income is:
A. $85,000
B. $50,000
C. $10,000
D. None of these choices are correct.
E. $60,000
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3 Column Record 100 Page Account Book
Authors: IJ Publishing LLC
Ntb Edition
1537091360, 978-1537091365
