Steven Spokesman, a high school teacher in a local school district, was fired for publicly criticizing the
Question:
Steven Spokesman, a high school teacher in a local school district, was fired for publicly criticizing the local school district. The court ruled that Steven's freedom of speech had been violated and the school district was required to pay \(\$ 24,000\) in damages. Steven paid his lawyer \(\$ 8,000\) to defend him. Determine: (1) whether Steven must include the \(\$ 24,000\) in gross income and (2) whether he can deduct the \(\$ 8,000\) in legal fees?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
1 Inclusion of 24000 in Gross Income The 24000 awarded to Steven as damages is generally considered ...View the full answer
Answered By
BRIAN MUSINGA
I possess a Bachelors of Commerce degree(Marketing option) and am currently undertaking an MBA in marketing. I believe that I possess the required knowledge and skills to tutor in the subject named. I have also written numerous research academic papers much to the satisfaction of clients and my professors.
2+ Reviews
17+ Question Solved
Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
