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In January, Ron, a firefighter was injured in the line of duty as a result of interference by a homeowner. He incurred medical expenses of $6,500 related to his injuries. Ron sued the homeowner and was awarded damages of $26,500 in December. the court indicated that $6,500 of the award was for payment of Ron's medical expenses and $20,000 was for punitive damages. Ron has prepared his income tax return for the year and has asked you to review it. you notice that Ron has not reported any part of the award as income and has included the medical expenses in computing his itemized deductions.
write a brief memorandum to the tax files that summarizes the advice you should give Ron.
Pricing and Production Decisions at PoolVac, Inc.
Problem on financial system
Discuss qualitatively how you might have incorporated the likely growth of digital photography in the sales projections developed above? (Remember hindsight is 20-20.)
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Calculate the amounts for the current year. Calculate the amount and character of income distributed to each trust beneficiary for the year.
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