1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
klasskru [66]
3 years ago
9

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 $20,000 for damages, $5,500 for emotional distress, and $50,000 for punitive damages. what amount must paul include in his gross income? $5,500 $20,000 $50,000 $70,000 all of the benefits are included in gross income.
Business
2 answers:
scZoUnD [109]3 years ago
8 0

Answer:

All of the benefits are included in gross income.

Explanation:

The gross income is the amount of money you receive in a specific period of time before taxes are deducted. When someone receives money from a lawsuit, this money is taxable and has to be included in the gross income with exception to the personal injury cases in which the benefits are tax-free but the injury has to be physical.

In this case, Paul has to pay taxes on his total earnings because emotional distress is not a physical injury and it would be taxed as an income. Because of that, the answer is that Paul must include in his gross income all of the benefits.

ivolga24 [154]3 years ago
7 0

All of the benefits for <em>non-personal injury</em> cases must be reported as gross income for tax purposes. Since defamation isn't a personal injury claim, all of the award must be reported and is subject to taxation.

You might be interested in
Which of the following would make the best thesis statement for a debate? a. Art and music classes are great. b. Schools should
Novosadov [1.4K]
The best answer choice would be "B". This gives the main idea of what your debate would be about. It is also clear, and not biased or opinionated.

I hope this helps!
~cupcake
3 0
3 years ago
Read 2 more answers
On September 1, ABC Company borrowed $50,000 on a 6%, 9-month note payable to XYZ National Bank. Given no previous adjusting ent
scZoUnD [109]

Answer:

c. debit to Interest Expense of $1,000.

Explanation:

The adjusting entry is as follows:

Interest expense Dr ($50,000 × 6% × 4 months ÷ 12 months) $1,000

     To Interest payable $1,000

(Being the interest expense is recorded)

Here interest expense is debited as it increased the expense and credited the interest payable as it also increased the liabilities

Therefore the correct option is c.

7 0
3 years ago
Which if the following is not form of mass communication
leva [86]

Answer:

out of given option, job interview is not  the form of job interview.

Explanation:

out of given option, job interview is not  the form of job interview.

Mass communication is a method of sharing information with large parts of population via media

we know that mas communication is the communication which include mass either in the form listener or speaker.

if we take rest three option we will find that all three types are include mass.

5 0
3 years ago
Read 2 more answers
Which of the following would an economist most likely classify as a need
taurus [48]
It is D. A part-time job to earn extra money.
7 0
3 years ago
During 2014 and 2015, Danny pays property taxes of $3,500 each year on a piece of land. During 2014, the land is vacant and unpr
motikmotik

Answer: the answer is C deduct $3500 each year.

Explanation: Whether the land is vacant and unproductive or it is used to generate income. The property tax for the land will be paid yearly

5 0
3 years ago
Other questions:
  • The three types of major stressors in your life are:
    14·1 answer
  • In the broadest sense, economics studies the choices that
    9·1 answer
  • A country decides to produce wool. Which of the following key economic questions does this decision address?
    14·2 answers
  • In a company's SWOT analysis, which of the following is an example of a threat?
    8·1 answer
  • What were the Mercantilists’ views on trade
    14·1 answer
  • During the month of July, Clanton Industries issued a check in the amount of $767 to a supplier on account. The check did not cl
    13·1 answer
  • Who do you think would be a better President<br> A. Trump or B. Biden
    9·2 answers
  • Novak Corporation amended its pension plan on January 1, 2020, and granted $152,280 of prior service costs to its employees. The
    8·1 answer
  • How are credit unions different than banks?
    6·1 answer
  • The statement of cash flows shows a firm's revenues, costs of goods sold, expenses, and net income. True or false
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!