Jill, a widow, elected to receive the proceeds of a $200,000 life insurance policy on the life
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Jill, a widow, elected to receive the proceeds of a $200,000 life insurance policy on the life of her deceased husband in 10 installments of$22,500 each. Her husband had paid premiums of$60,000 on the policy. In the first year, Jill collected $17,500 from the insurance company.
What must she must include in gross income?
Related Book For
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene
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