Matt sued the local newspaper for a story that reported he

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Reference no: EM13580987

Court and insurance awards. Determine whether the following items represent taxable income

a. as the result of an age discrimination suit, Pat received a cash settlement of $40,000. One-half of the settlement represented wages lost by Pat as a result of the discrimination and the balance represented an award based on personal injury.

b. Matt sued the local newspaper for a story that reported he was affiliated with organized crime. The court awarded him $50,000 of libel damages.

c. Pam was injured in an automobile accident and received $10,000 from an employer-sponsored disability policy. In addition, her employer-financed medical insurance policy reimbursed her for $15,000 of medical expenses.

Reference no: EM13580987

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