Orange corporation an accrual basis taxpayer received

Reference no: EM13598907

a. Eloise received $150,000 in settlement of a sex discrimination case against her former employer.

b. Nell received $10,000 for damages to her personal reputation. She also received $40,000 punitive damages.

c. Orange Corporation, an accrual basis taxpayer, received $50,000 from a lawsuit filed against its auditor who overcharged for services rendered in a previous year.

d. Beth received $10,000 compensatory damages and $30,000 punitive damages in a lawsuit she filed against a tanning parlor for severe burns she received from using its tanning equipment.

e. Joanne received compensatory damages of $75,000 and punitive damages of $300,000 from a cosmetic surgeon who botched her nose job.

Reference no: EM13598907

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