Nicki and Lewis have five children and live comfortably in the suburbs of Chicago. Unfortunately, Lewis had
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Nicki and Lewis have five children and live comfortably in the suburbs of Chicago. Unfortunately, Lewis had an unexpected heart attack at age 49.
He was on life support and lived for another seven months before passing away in October. Nicki received the following in the year of death:
• Life insurance proceeds of $500,000
• Cancellation of debt of $6,200 from a credit card
• Cancellation of Lewis’s student loan debt of $38,000
• Gift from her mother of $50,000
• Lewis’s last paycheck and a bonus of $75,000 What is the tax result of these receipts?
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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