Examlex
In 2019, Theresa was in an automobile accident and suffered physical injuries.The accident was caused by Ramon's negligence.In 2020, Theresa collected from his insurance company.She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses that she had deducted on her 2019 tax return (the amount in excess of 10% of adjusted gross income).As a result of this, Theresa's 2020 gross income is increased by $56,000.
Capital Deficiency
A situation where a company's liabilities exceed its assets, indicating financial distress or bankruptcy risk.
Personal Debt
The total amount of money an individual owes to lenders, including loans, credit card debt, and mortgages.
Cash Distribution
The payment of earnings, or other financial assets, to shareholders or partners in a company or fund.
Income-Sharing Ratio
The predetermined agreement on how profits or losses will be distributed among partners or stakeholders in a business arrangement.
Q28: The ad valorem tax on personal use
Q30: The excess of nonbusiness capital gains over
Q36: The portion of property tax on a
Q51: Swan Finance Company, an accrual method taxpayer,
Q60: Daniel purchased a bond on July 1,
Q78: Hannah, age 70 and single, is claimed
Q78: When a net operating loss is carried
Q86: Every year, Teal Corporation gives each employee
Q107: Tommy, an automobile mechanic employed by an
Q119: A niece who lives with taxpayer, is