This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Multiple from table 2, Age 61 = 23.3 Expected return: 1,500* 23.3 = $ 34,950 Exclusion ratio: 22,050/34,950 = 63% Amount of pension for 2011: 63%* 1,500 = $946.35 35) She should include $4,000 interest in her gross income 36) She should exclude punitive damages from her gross income 37) He should not include the $24,000 in gross income, and not include the $8,000 legal fees since it was in relation to the case. 38) Both the compensatory damages and punitive damages are not included in her gross income. 41) He should include the $30,000 in gross income....
View Full Document
This note was uploaded on 10/19/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.
- Spring '11