Which is not likely to be ordinary income


Problem: Which of the following amounts is NOT likely to be ordinary income? Question Answer a. Income received by person who is in the business of selling illegal drugs. The income is received in cash. b. An amount of $100,000 received by a business as insurance compensation for the loss of a trading profits while their business was closed due to flooding. c. An amount of $100,000 received by a business as insurance compensation for the loss of a storage shed on their property. d. Receipt of $1,000 in fortnightly JobSeeker payments by an individual who lost their employment due to Covid-19.

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Taxation: Which is not likely to be ordinary income
Reference No:- TGS03374763

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