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In 2011, Khalid was in an automobile accident and suffered physical injuries. The accident was caused by Rashad's negligence. In 2012, Khalid collected from the insurance company. He also received $15,000 for loss of income, $5,000 punitive damages, and $8,000 for medical expenses which he had deducted on his 2011 tax return. His other medical expenses exceeded 7.5% of his AGI, and his total itemized deductions were $20,000. As a result of the above, Khalid's 2012 gross income is increased by?

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Accounting Basics, Accounting

Category:- Accounting Basics
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