Tanika passed away in the current year and her daughter, Shanika, received life insurance proceeds of ($500,000.)
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Tanika passed away in the current year and her daughter, Shanika, received life insurance proceeds of \($500,000.\) Tanika had paid \($12,000\) in premiums on the life insurance policy to date.
Tanika’s employer also paid Shanika \($50,000\) in employee death benefits. What, if any, must Shanika include in her taxable income?
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Taxpayers can exclude from income proceeds of life insurance receiv...View the full answer
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Related Book For 
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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