[The following information applies to the questions displayed below.]What amounts are included in gross income for the following taxpayers? (Leave no answers blank. Enter zero ifapplicable.)a. Janus sued Tiny Toys for personal injuries from swallowing a toy. Janus was paid $34,000 for medical costs and $270,000 forpunitive damages.Amount included in Gross IncomeShow Transcribed Textb. Carl was injured in a car accident. Carl's insurance paid him $580 to reimburse his medical expenses and an additional $290 for theemotional distress Carl suffered as a result of the accident.Amount included in Gross IncomeShow Transcribed Textc. 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 anaward of $22,000.Amount included in Gross IncomeShow Transcribed Textدd. Bevis was laid off from his job last month. This month he drew $960 in unemployment benefits.Amount included in Gross IncomeShow Transcribed Text

Gross income : An individual's gross income can be referred to as total amount earned before…

Answered: [The following information applies to…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 3DQ

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Old Granddad can no longer safely navigate the stairs in his home. So he pays $60,000 to have an elevator installed. Explain how you would treat this ex-penditure within the medical expense deduction rules. In 4-5 sentences, give a hypothetical example of how a deductible amount would be calculated. Alterna-tively, if you believe that no deductible would be available, explain why in 4-5 sentences.
Robert had an accident and injured a driver and her car. He has auto insurance with the minimum coverage for Illinois He also has medical payments coverage of $1,000 and a $250 deductible on his collision coverage. The driver's injuries cost $5,000 and damages to her car cost $3,000. Robert's car had damages costing $4,000. How much will the Insurance company pay for these claims? O A. $11,750 O B. $11,250 O C. $3,750 O D. $12,000
! 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
Robert had an accident and injured a driver and her car. He has auto insurance with the minimum coverage for Illinois. He also has medical payments coverage of $1,000 and a $250 deductible on his collision coverage. The driver's injuries cost $5,000 and damages to her car cost $3,000. Robert's car had damages costing $4,000. How much will the Insurance company pay for these claims? $12,000 $11,250 $11,750 $3,750
A) Nathaniel was severely injured while at work, he lost a portion of right arm. Nathaniel received compensatory and punitive damages for his loss. He received $20,000 in compensatory damages for his medical expenses, $5,000,000 for lost income, $400,000 for pain and suffering, and $800,000 in punitive damages. How much of the damages should Nathaniel include in gross income? B) Tamara and Shane entered into a divorce decree on May 2, 2019. Shane is required to pay his former spouse $3,000 a month. Tamara has custody of their only child, Nicole. When Nicole turns 18 on August 31, 2019, the payments change to $2,500 per month. The remaining $2,500 is to be paid to Tamara as long as she lives or until she remarries. How much of the payments from Shane should be included in Tamara’s 2019 gross income.
Oswald, while walking down the street, is hit by a reckless driver. Oswald sues the driver and recovers the following damages: $20,000 to reimburse Johnny for medical expenses previously incurred (but not previously deducted), $10,000 for pain and suffering, $5,000 for emotional distress stemming from the accident, and $2,500 in punitive damages How much of Oswald's recovery is included in gross income?
While driving Mohamed's car Sarah accidentally crashed and hit a house, the loss costs a total of 2.505. If in this case Mohamed's insurance policy acted as the primary with a limit of 981, while Sarah's policy acts as the excess and has a limit of 3,943. In this case how much will Sarah's insurance policy pay?
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?
Josh Edwards was judged at fault in an automobile accident. Three others were awarded damages of $200,000, $100,000, and $100,000. Josh has 100/400 bodily injury liability coverage. What amount, if any, would not be covered by his insurance?
Gussie Fring has 100/300/50 automobile insurance coverage, and was involved in a very serious accident. One person sustained $200,000 in medical claims, and two other people are awarded a total of $135,000 each for injuries in an auto accident in which Gussie was judged at fault. How much, if any, of this judgment would the insurance not cover?
Leo bought a used car for $4,500. While in class at George Brown, his car was damaged by an unidentified automobile. The damage to the vehicle was estimated at $1,000. If the cash value of Leo's car at the time of the loss is $3,000, how much money would Leo receive if he files a claim for damages? Assume he has an Ontario Automobile Insurance policy with a $500 deductible and all perils coverage. $3,000 $2,500 $1,000 $500 None of the above. He's not covered.
Becky Fenton has 75/150/85 automobile insurance coverage. If two other people are awarded $120,000 each for injuries in an auto accident in which Becky was judged at fault, how much of this judgment would the insurance cover? Insurance payment

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