Phillip is a professional piano player. He recently injured his finger due to a faulty automatic door
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Phillip is a professional piano player. He recently injured his finger due to a faulty automatic door and received a compensation payment of $150,000.The compensation payment was a lump sum amount to compensate Philip for the loss of the use of his finger for 12 months and included $50,000 for pain and suffering associated with the accident. Luckily, Phillip did not have any concerts planned for that year and did not lose out on his income. How much should Phillip include in his assessable income as ordinary income in relation to the compensation receipt?
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt
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