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During the current year, Larry sustained a serious injury in the course of his employment. As a result of the injury sustained, he received the following payments during the year.

Compensation for loss of income $7,000
Worker's compensation $4,500
Reimbursement from his employer's accident
and health plan for medical expenses paid by Larry $2,000
Damages for physical personal injuries $5,000

What is the amount to be included in Larry's gross income for the year?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940229

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