In 20X12 Randall suffered bodily injury while at work. On his 20X12 tax return Randall deducted related
Question:
In 20X12 Randall suffered bodily injury while at work. On his 20X12 tax return Randall deducted related medical expenses of $10,000; and $5,000 in 20X13. In 20X14 Randall won a worker’s compensation claim and prevailed in an injury lawsuit, both in connection with the 20X12 injury. Randall received the following in 20X14 as settlement:
What amount of the settlement should be excluded from Randall’s 20X14 gross income?
a. $ 75,000
b. $ 60,000
c. $ 90,000
d. $165,000
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The tax treatment of a settlement like this can be complex and its always a good idea to consult wit...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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