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USA Act Alioune received the following payments in 2021: $20,000 paid by his insurance company for pain and suffering for a broken leg he got
USA Act
Alioune received the following payments in 2021: $20,000 paid by his insurance company for pain and suffering for a broken leg he got in an automobile accident, $3,000 insurance reimbursement for medical expenses, $60,000 of life insurance as a beneficiary under his father's policy, $80,000 from selling illegal drugs, $500 he found on a hiking trail, and a prize from participating in a survey of $100. What is the total amount of these payments on which Alioune is taxableStep by Step Solution
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