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Business, 02.12.2019 23:00 later

Grace is an officer of a local bank that merges with a national bank, resulting in a change of ownership. she loses her job as a result of the merger, but she receives a cash settlement of $590,000 from her employer under her golden parachute. her average annual compensation for the past five tax years was $200,000. what are the tax consequences to grace and the bank of the $590,000 payment?

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