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Research problem 1.

by | Oct 16, 2022 | Accounting

 

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Research Problem 1. Your client Murray reported to the Environmental Protection Agency that his employer was illegally dumping chemicals into a river. His charges were true, and Murray’s employer was fined. In retaliation, Murray’s employer fired him and made deliberate efforts to prevent Murray from obtaining other employment. Murray sued the employer, claiming that his reputation had been damaged. Murray won his lawsuit and received an award for “damages to his personal and professional reputation and for his mental suffering.” Murray has asked you whether the award is taxable. He argues that he was awarded damages as a recovery of his human capital and that a recovery of capital is not income. Is Murray’s logic correct?
INSTRUCTIONS FOR MEMO:
You should have at least three resources (e.g., IRC, Regulations, and court case, etc.) related to your issue. Your memo should clearly identify the issue, the challenge faced, the substance of the material reviewed, and any recommendations you would make to improve or solve the issue.

 

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