Irene's husband passed away this year. After his death, Irene received $250,000 of proceeds from life insurance on her husband, and she inherited her husband's stock portfolio worth $750,000. What amount must Irene include in her gross income?
A. $1 million
B. $750,000
C. $500,000
D. Zero but only if Irene does not opt to receive the life insurance proceeds in a lump sum
E. Zero - none of the above benefits is included in gross income

Answer rating: 100% (QA)

E Zero none ... View the full answer