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(Solved) (Latest ver. Aug 2020) - Life Insurance Proceeds

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Don is the beneficiary of a $50,000 insurance policy on the life of his mother, Anna. To date, Anna paid premiums of $16,000. What amount of gross income must be reported in each of the following cases?

a. Anna elects to cancel the policy and receives $20,000, the cash surrender value of the policy.
b. Anna dies and Don receives the face amount of the policy, $50,000.
c. Anna dies and Don elects to receive $15,000 per year for four years.


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