Olaf Was Injured in an Automobile Accident and Received $25,000

question 40

Multiple Choice

Olaf was injured in an automobile accident and received $25,000 for his physical injury, $10,000 for his loss of income, and $50,000 punitive damages.As a result of the award, the amount Olaf must include in gross income is:

• A)$10,000.
• B)$50,000.
• C)$60,000.
• D)$85,000.
• E)None of the above.

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