Business, 07.03.2020 04:56 TheOneandOnly003

Life Insurance ProceedsDon 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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Life Insurance ProceedsDon is the beneficiary of a $50,000 insurance policy on the life of his mothe...

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