On february 10 2011 rose was in an automobile accident, Ask an Expert

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On February 10, 2011, Rose was in an automobile accident while she was going to work. The doctor advised her to stay home for six months due to her injuries. On February 25, 2011, she filed a lawsuit. On July 20, 2011, Rose returned to work. On December 15, 2011, the lawsuit was settled and she received the following amounts:

Compensation for lost wages: $25,000
Personal injury damages awarded (none of which was for punitive damages): $40,000

How much of the settlement must Rose include in ordinary income on her 2011 tax return

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952661

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