Business, 18.08.2020 21:01 pupucitomarron
In 2014 Randall suffered bodily injury while at work. In 2016, Randall won a workers' compensation claim and prevailed in an injury lawsuit, both in connection with the 2014 injury. Randall received the following in 2016 as settlement:
Punitive damages $150,000
Workers' compensation 50,000
Reimbursement for medical expenses 25,000
Compensation for emotional distress 15,000
What amount of the settlement should be excluded from Randall's 2017 gross income?
a. $165,000.
b. $90,000.
c. $60,000.
d. $75,000.
Answers: 1
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Business, 22.06.2019 21:00, sofiaisabelaguozdpez
Roberto and reagan are both 25 percent owner/managers for bright light inc. roberto runs the retail store in sacramento, ca, and reagan runs the retail store in san francisco, ca. bright light inc. generated a $125,000 profit companywide made up of a $75,000 profit from the sacramento store, a ($25,000) loss from the san francisco store, and a combined $75,000 profit from the remaining stores. if bright light inc. is an s corporation, how much income will be allocated to roberto?
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