Court Awards and Insurance Settlements. What amount, if any, must be included ingross income by the following taxpayers? a. Ann received $2,000 from her insurance company when her automobile which cost$3,000 was stolen. b. Barry received $3,000 from his brother. Barry had initiated a lawsuit against hisbrother in an effort to recover $3,000 he had previously loaned to him. The brotherpaid Barry back before the case was tried, and Barry dropped the lawsuit. c. Carry, an accountant, sued a client in order to collect her fee for doing tax work.Would Carrys accounting method make any difference? d. Dave has incurred $6,000 of medical expenses so far this year. He paid $400 of theexpenses himself. His insurance company paid $4,000 of the expenses. The hospital is suing Dave and the insurance company for the balance, $1,600.Court Awards and Insurance SettlementA.) Amount deductible = $3,000- $2,000=$ 1,000 (loss from theft of car)B.) Amount Deductible = $3,000 – $3,000= $ -0- (the full amount was recovered)C.) If…
Court Awards and Insurance Settlements
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