Section B (2 Mark)As a result of a lawsuit, Catherine was awarded $300,000 for compensatory...

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Section B (2 Mark)

As a result of a lawsuit, Catherine was awarded $300,000 for compensatory damages and $400,000 for punitive damages. What is the taxable income resulting from this suit?

$300,000

$400,000

$700,000

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Section B (2 Mark)As a result of a lawsuit, Catherine was awarded $300,000 for compensatory...

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