a. Ann received $2,000 from her insurance company when her automobile which cost $3,000 was...
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a Ann received $ from her insurance company when her automobile which cost $ was stolen. A Only half of the amount received from the insurance company should be included in Ann's gross income. B The amount received from her insurance company, $ should be included in Ann's gross income. C None. The amount is not deductible by the insurance company, thus, should not be included in Ann's gross income. D None. The amount received is a recovery of capital.
a Ann received $ from her insurance company when her automobile which cost $ was stolen.
A
Only half of the amount received from the insurance company should be included in Ann's gross income.
B
The amount received from her insurance company, $ should be included in Ann's gross income.
C
None. The amount is not deductible by the insurance company, thus, should not be included in Ann's gross income.
D
None. The amount received is a recovery of capital.
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