lifeisgood
Recycles dryer sheets
- Joined
- Sep 5, 2006
- Messages
- 64
Here's a little puzzler for you tax experts. I offered to help a relative with her taxes. She started a goat dairy farm this year. She bought a prize young animal for $1000. About a year later, she bought some feed supplement for this animal, which unfortunately poisoned and killed it. Very traumatic for both farmer and animal. The manufacturer eventually paid an out-of-court settlement of $9,000 to avoid publicity and replace the lost income from the animal.
Is the $9,000 taxable?
Is the $9,000 taxable?