X Enterprises covers Michael under the group health plan. While driving around the golf course last New
Question:
X Enterprises covers Michael under the group health plan. While driving around the golf course last New Year's eve, Michael had an unfortunate collision with another golf cart. Damage to the carts, some sprinkler heads, and a nearby sculpture exceeded $25,000. Michael was rushed to the emergency room. The other party also incurred medical expenses of $10,000. Neither party had an auto insurance policy that covered golf cart collision. Michael's out of pocket medical expenses were $15,000, which he paid via credit card at the hospital. Michael claimed these expenses on his tax return as a medical expense deduction. 60 days later, Michael received a check from his health insurer for $15,000.
Calculate the amount Michael must include in his gross income in the current year.
Business Law The Ethical Global and E-Commerce Environment
ISBN: 978-0071317658
15th edition
Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt