Business, 25.03.2021 17:10 sdlesley66

Compensatory damages received on account of physical personal injury or physical sickness can be excluded from gross income. b. A payment for damaged or destroyed property is treated as an amount received in a sale or exchange of the property. c. Compensatory damages awarded on account of emotional distress cannot be excluded. d. Punitive damages are excluded from gross income. e. Compensatory damages received for age discrimination or injury to one's reputation cannot be excluded.

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