What effect does settlement have on leighs gross income, Accounting Basics

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What effect does settlement have on leighs gross income

Leigh sued an overzealous bill collector and reveived the following settlement:

Damage to her automobole the collector attempted to reposses $1,000
Physcial to her arm caused by the collector 15,000
Loss of income while her arm was healing 8,000
Punitive damages 50,000

a. What effect does the settlement have on Leigh's gross income?

b. Assume Leigh also collected $40,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employeer and other creditors. Is this $40,000 included in Leigh's gross income?

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Accounting Basics: What effect does settlement have on leighs gross income

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Accounting Basics: What effect does settlement have on leighs gross income

Reference No:- TGS0705157

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Accounting Basics: What effect does settlement have on leighs gross income

Reference No:- TGS0705157

Recent Questions Asked Accounting Basics

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