Katie, a Self- Employed CPA, Purchased an Accident & Disability

question 497

True/False

Katie, a self- employed CPA, purchased an accident & disability insurance policy. As the result of an auto accident, Katie was unable to work and received $3,000 of disability benefits per month for seven months. The benefits were based on her estimated monthly income and should be reported as gross income.

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Definitions:

Natural Regeneration

The process by which natural ecosystems recover from disturbance or degradation over time without human assistance.

Productive Pasture

Land used for grazing livestock that is capable of producing a high yield of fodder for the animals.

Degraded Forest

Forest lands that have been severely diminished in quality and ecological function due to over-exploitation or poor management practices.

Decreased Soil Fertility

A reduction in the ability of soil to support plant growth, often due to factors like overuse, erosion, or contamination.