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Accounting
CAN ANYONE HELP WITH THIS? Can anyone tell me what the effect on gross income is on these problems. Are the amounts included or excluded. Thanks so much
1. Orange Corporation, an accrual basis taxpayer, received $50,000 from a lawsuit filed against its auditor who overcharged for services rendered in a previous year. 2. Beth received $10,000 compensatory damages and $30,000 punitive damages in a lawsuit she filed against a tanning parlor for severe burns she received from using its tanning equipment. 3. Joanne received compensatory damages of $75,000 and punitive damages of $300,000 from a cosmetic surgeon who botched her nose job. |
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