Question: Art received $ 5 0 , 0 0 0 from a life insurance policy on his wife and a $ 1 0 , 0 0

Art received $50,000 from a life insurance policy on his wife and a $10,000 gift from his
mother. Art was laid off from his job because he missed work so much after his wife
died. He received $12,000 in wages from his job before he was laid off and collected
$4,000 in unemployment benefits. Art's uncle felt sorry for him for having a bad year
and forgave the $2,000 Art owed him. What income must Art report on his tax return?
Art received $50,000 from a life insurance policy on his wife

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