Question: Based on the following, how much should Ben Brenner include in income in his federal income tax return? Jury awarded punitive damages $10,000 Kickbacks on

  1. Based on the following, how much should Ben Brenner include in income in his federal income tax return?

    Jury awarded punitive damages

    $10,000

    Kickbacks on sale of goods (not treated as a reduction elsewhere)

    5,000

    Money borrowed from a bank

    8,000

    Increase in the value of an asset

    1,000

    a.

    $15,000
    b.

    $16,000
    c.

    $24,000
    d.

    $10,000
    e.

    $23.000

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