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(Solved) What amount, if any, must be included in gross income by the


What amount, if any, must be included in gross income by the following individuals?

1.Ann received $2,500 from her insurance company when her car which cost $3,500 was stolen.

2.Barry received $3,500 from his brother. Barry had initiated a lawsuit against his brother in an effort to recover $3,500 he had previously loaned to him.  The brother paid Barry back before the case was tried, and Barry dropped the lawsuit.

3.Cheryl, an accountant, sued a client in order to collect her fee for doing tax work. Would Cheryl?s accounting method make any difference?

4.Darryl has incurred $7,000 of medical expenses so far this year. He paid $500 of the expenses himself.  His insurance company paid $4,500 of the expenses.  The hospital is suing Darryl and the insurance company for the balance, $2,000.

 


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Oct 15, 2019

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