Solution-Gross income for the current year

Gross income for the current year

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Reference no: EM13129363

Early in the year, Marcus was in an automobile accident during the course of his employment. As a result of the physical injuries he sustained, he received the following payments during the year:

Reimbursement of medical expenses paid by a medical insurance policy Marcus purchased - $7,000

Damage settlement to replace his lost salary - $6,000

What is the amount that Marcus must include in gross income for the current year?

a) $20,000
b) $13,000
c) $7,000
d) $6,000
e) $0

Reference no: EM13129363

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Gross income for the current year

Reference no: EM13129363

Reference no: EM13129363

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