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Assume leigh also collected 40000 of damages for slander to

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Leigh sued an overzealous bill collector and reveived the following settlement:

  • Damage to her automobole the collector attempted to reposses $1,000
  • Physcial to her arm caused by the collector 15,000
  • Loss of income while her arm was healing 8,000
  • Punitive damages 50,000

a. What effect does the settlement have on Leigh's gross income?

b. Assume Leigh also collected $40,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leigh's employeer and other creditors. Is this $40,000 included in Leigh's gross income?

Reference no: EM13597657

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