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Anestetic [448]
3 years ago
13

Acme published a story about Paul, and as a result Paul sued Acme for damage to his reputation, emotional distress, and punitive

damages. Paul won an award of $36,250 for damages, $10,100 for emotional distress, and $58,200 for punitive damages. What amount must Paul include in his gross income?
Business
1 answer:
Marrrta [24]3 years ago
4 0

Answer:

all these are included in the gross income

Explanation:

given data

damages = $36,250

emotional distress = $10,100

punitive damages = $58,200

to find out

What amount must Paul include in his gross income

solution

we know according to the tax laws that specify only payment on account of (1) physical injury and (2)  physical sickness is non taxable

so here  taxpayers receive

  • damages
  • emotional distress
  • punitive damages

they are not associate with the physical injury so all these mentioned are not covered in physical damages

so we can say that all these are included in the gross income

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