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Which items represent taxable income?: a)As a result of an age discrimination suit, Pat received a cash settlement of $40,000. One-half of the settlement represented
Which items represent taxable income?: a)As a result of an age discrimination suit, Pat received a cash settlement of $40,000. One-half of the settlement represented wages lost by Pat as a result of the discrimination and the balance represented an award based on personal injury. b)Matt sued the local newspaper for a story that reported he was affiliated with organized crime. The court awarded him $50,000 of libel damages. c)Pam was injured in an automobile accident and received $10,000 from an employer sponsored disability policy. In addition, her employer-financed medical insurance policy reimbursed her for $15,000 of medical expenses. A)Under sec 104, the taxpayer will have to include (BLANK) award in gross income as there (BLANK)
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