Leigh sued an overzealous bill collector and received the following settlement: Damage to her automobile that the collector attempted to repossess $3,300 Physical damage to her arm caused by the collector $15,000 Loss of income while her arm was healing $6,000 Punitive damages $80,000 Question Content Area a.  Regarding Leigh's settlement, classify the following as either "Included in" or "Excluded from" her gross income.     Included in/Excluded fromIncome • Damage to her automobile that the collector attempted to repossess   • Physical damage to her arm caused by the collector   • Loss of income while her arm was healing   • Punitive damages     Question Content Area b.  Assume that Leigh also collected $25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employer and other creditors. Is this $25,000 included in Leigh's gross income?

Carolina's house burned and she lost household items worth a total of $50,000. House insured for $160,000, homeowner's policy coverage personal belongings up to 55% of insured value of the house.Calculate how much insursance coverage policy provides personal belongings and will she recieve payment for belongings?

None

Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the group life insurance policy and all of the attendant incidents of ownership to his brother, Cain. Cain changed the beneficiary on the policy to himself. The $50,000 policy was paid to Cain upon Abel's death. How much is includible in Abel's gross estate?

In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deductible neither for nor from AGI before considering income limitations or the standard deduction. a. Timothy, a plumber employed by ACE Plumbing, spent $65 for small tools to be used on his job, but he was not reimbursed by ACE b. Jake is a perfume salesperson. Because of his high pay, he receives no allowance or reimbursement from his employer for advertising expenses even though his position requires him to advertise frequently. During the year, he spent $2,200 on legitimate business advertisements. c. Trey is a self-employed, special-duty nurse. He spent $120 for uniforms. d. Mary, a professor at a community college, spent $340 for magazine subscriptions. The magazines were helpful for her research activities, but she was not reimbursed for the expenditures. e. Wayne lost $325 on the bets he made at the race track, but he won $57 playing slot machines.

! Required information [The following information applies to the questions displayed below.] What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. c. Ajax published a story about Pete, and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $20,000. Amount included in Gross Income

During the tax year, Monica incurred one personal casualty loss due to a federally declared disaster. The amount of the loss after reimbursements is $8,025. Monica will not be replacing any of the damaged property. Monica's adjusted gross income is $50,000. What is the amount of the casualty loss deduction to report on Schedule A (Form 1040)? $2,925 $3,025 $7,925 $8,025

Which of the following items would not automatically be covered under an HO-3 form?   the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college

f

The following pertains to Ana, a resident citizen taxpayer: Fruits harvested to be sold at a later date            30,000 Interest on bank deposits                                     1,000 Dividends declared by ABC Company                     3,000 Increase in the market value of lot                        10,000 Gambling winnings                                               9,000 Gain on sale of goods by branch office               5,000 Income on goods delivered by home office to branch office for sale by the latter                                                                                      4,000 Indemnity received for moral damages claimed                         50,000 Ana’s employer cancelled her (Ana) first debt upon her request  5,000 Ana’s employer offset Ana’s second debt against her salary              4,000 69. Compute the total gross income of Ana. A. 22,000 B. 23,000 C. 58,000 D. 103,000