Mike was shopping in Produce Market when it was robbed. Mike suffered some injuries during the robbery

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Mike was shopping in Produce Market when it was robbed. Mike suffered some injuries during the robbery and filed suit against Produce Market for not maintaining a secure environment for its customers. In an out-of-court settlement, Mike receives $12,000 for his physical injuries, $2,000 for emotional distress, and $3,000 for lost wages while he recovered from his injuries. Mike paid $11,000 in medical expenses attributable to treatment for his injuries but was able to recover from his emotional distress without medical care. How much gross income does Mike have as a result of this settlement?
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Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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