Jack received a court award in a civil law suit against National Gossip. He received $120,000 for damages to his professional reputation, $70000 for damages to his personal reputation, $50,000 in punitive damages and 15,000 for necessary counseling for emotional damages. How much of the award must Jack include in his gross income?

Answer rating: 100% (QA)

In the United States court awards and settlements are generally not considered taxable income when t... View the full answer