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15. Harry's wife Lila passes away in January of the current year. Fortunately, Lila had as 2.6 million life insurance policy. Harry elects to receive

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15. Harry's wife Lila passes away in January of the current year. Fortunately, Lila had as 2.6 million life insurance policy. Harry elects to receive all $1 million in the current year and spends $200,000 of it on a luxury around-the-world trip with his new girlfriend Harry's gross income from the life insurance is: a. $0 b. $200,000 c. $800,000 d. $1,000,000

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