[11] Donald, an accountant, was falsely accused of fraud by a local newspaper. He sued the...
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[11] Donald, an accountant, was falsely accused of fraud by a local newspaper. He sued the newspaper for libel claiming damages both to his personal reputation in the community and to his business. In December of the current year, the jury awarded Donald the following: $10,000 for his personal reputation S70,000 for his business loss $70,000 as punitive damages (to punish the newspaper) How much can Donald exclude from gross income? A SO B. S10,000 C. S70,000 D. $80,000 [11] Donald, an accountant, was falsely accused of fraud by a local newspaper. He sued the newspaper for libel claiming damages both to his personal reputation in the community and to his business. In December of the current year, the jury awarded Donald the following: $10,000 for his personal reputation S70,000 for his business loss $70,000 as punitive damages (to punish the newspaper) How much can Donald exclude from gross income? A SO B. S10,000 C. S70,000 D. $80,000
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Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date:
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