Online teac ? CH5 HW . Chapter 5 Hw Nort x com/lrn/takeAssign tMain .do?invokere

Question

Online teac ? CH5 HW . Chapter 5 Hw Nort x com/lrn/takeAssign tMain .do?invokere assignments& takeAssignment SessionLocator= assignment-take&inpr; cewn. D Ringa ar Sat The Stcy si/Non D Heartet te/ tovn LondonTerrer Log eanie / Nove. eBook Calculator Prit Itam Tax Drill- Damages for Personal Injuries Indicate whether the following statements are True" or False" regarding compensation for injuries and sickness. a. Compensatory damages received on account of physicall personal injury or physical sickness can be excluded from gross income. A payment for damaged or destroyed property is treated as an amount received in a sale or exchange of the property Compensatory damages awarded on account of emotional distress cannot be excluded. b. True False c. Punitive damages are excluded from gross income Compensatory damages received for age discrimination or injury to one's reputation cannot be excluded d. e. All work saved. Save a

Explanation / Answer

US TAX CODE CHAPTER III EXCLUSSIONS FROM GROSS INCOME

A. True ( sec 104 (a) (2) excludes personal injury or sicknes from gross income)

B. True

C.True ( sec 104 excludes emotional distress from the definition of physical injury )

D. False ( sec 104 excludes damages in gross income but other than punitive damages... ref sec 104(a)(2)

E.True

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