Billy fell off a bar stool and hurt his back. As a result, he was unable to work for three months.


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Billy fell off a bar stool and hurt his back. As a result, he was unable to work for three months. 1 answer below ยป LO.2 Billy fell off a bar stool and hurt his back. As a result, he was unable to work for three months. He sued the bar owner and collected $100,000 for the physical injury and $50,000 for the loss of income. Billy also collected $15,000 from an income replacement insurance policy purchased by his employer. Amber was away from work for three months following heart bypass surgery. Amber collected $30,000 under an income replacement insurance policy she had purchased. Are the amounts received by Billy and Amber treated the same under the tax law? Explain. Dec 10 2013 05:48 PM

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