Question: This year, Janelle received $ 3 7 0 , 0 0 0 in life insurance proceeds. Under the following scenarios, how much of the $

This year, Janelle received $370,000 in life insurance proceeds. Under the following scenarios, how much of the $370,000 is taxable?
Note: Leave no answer blank. Enter zero if applicable.
Problem 5-80 Part c (Algo)
c. The proceeds related to a life insurance policy she purchased for $66,500 from a friend in need. After purchase, Janelle paid annual premiums that total $42,550.

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