Question: How much would you receive with actual cash-value coverage for a four-year-old sofa destroyed by fire? The sofa would cost $870 to replace today, whereas

How much would you receive with actual cash-value coverage for a four-year-old sofa destroyed by fire? The sofa would cost $870 to replace today, whereas it cost $800 four years ago and had an estimated life of 8 years. You are listed as the sole beneficiary of your father's $150,000 life insurance policy. If you father dies, how much tax do you owe on this money

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