Concurrent jurisdiction occurs when both a federal court and a state court have the power to hear a case

The invention of the _____ in the late 1700s and its widespread use beginning in the early 1800s triggered the Industrial Revolution.

Fill in the blank(s) with the appropriate word(s).

Carl Slater was the sole proprietor of a high-volume drug store, which he owned for 25 years before he sold it to Statewide Drug Stores, Inc., in 2016. Besides the $800,000 selling price for the store's tangible assets and goodwill, Slater received a lump sum of $60,000 in 2016 for his agreement not to operate a competing enterprise within 10 miles of the store's location, for a period of 6 years. How will the $60,000 be taxed to Slater?

a. As $60,000 ordinary income in 2016. b. As part of the gain on the sale of the store. c. It is excluded since it was not for the performance of services. d. As ordinary income of $10,000 a year for 6 years.