FL Tax Law Specialist Practice Questions - Florida Bar Board Certified - Tax Law Exam

Which of the following items is excluded from a recipient's gross income under the Internal Revenue Code?

Punitive damages received in a personal physical injury lawsuit Interest received on a state income tax refund Compensatory damages received on account of personal physical injuries or physical sickness Severance pay received upon termination of employment

Correct Answer:

Compensatory damages received on account of personal physical injuries or physical sickness

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