Sam Wilson died on January 15, 2015 and left his wife, Terry, beneficiary of life insurance policy
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Question:
Sam Wilson died on January 15, 2015 and left his wife, Terry, beneficiary of life insurance policy with a face value of $187,500. Terry elected to receive the proceeds equally over a 15-year period with an annual payment of $14,500. If Terry received the annual payment of $14,500, how much income must she report on her income tax return.
Total Payment Received?
Excluded Amount?
Taxable Income?
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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