Gross Income Exclusions Harvey is the beneficiary of a $105,000 insurance policy on the life is...
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Gross Income Exclusions Harvey is the beneficiary of a $105,000 insurance policy on the life is his mother Leslie. To date, Leslie has paid premiums of $75,000. If Harvey elects to cancel the the policy and receive $95,000 cash surrender value of the policy. Requirement A- Based on the scenario above, what amount must be reported as income? Requirement B - How would this answer change if Leslie died and Harvey received the face amount of the policy. $105,000 Requirement C-How would this answer change if Leslie died and Harvey received $28,000 per year for 4 years? Please note, if all questions are not answered, full credit will not be given. Gross Income Exclusions Harvey is the beneficiary of a $105,000 insurance policy on the life is his mother Leslie. To date, Leslie has paid premiums of $75,000. If Harvey elects to cancel the the policy and receive $95,000 cash surrender value of the policy. Requirement A- Based on the scenario above, what amount must be reported as income? Requirement B - How would this answer change if Leslie died and Harvey received the face amount of the policy. $105,000 Requirement C-How would this answer change if Leslie died and Harvey received $28,000 per year for 4 years? Please note, if all questions are not answered, full credit will not be given.
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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