15. Jose is the beneficiary of a $100,000 insurance policy on his wife's life. Jose elects to receive $12,000 per year for 10 years rather than receive $100,000 in a lump sum. In effect, Jose is buying an annuity. Of the amount received each year, $12,000 is excluded from gross income. $5,000 per year is tax free as a death benefit $2,000 is included in gross income O $12,000 is included in gross income