23. Sue and Larry are married and they each have $500,000 worth of life insurance on the others life. Larry suddenly dies from being bitten by a mosquito. Sue collects the $500,000 proceeds from the life insurance. What must Sue recognize in income due to the receipt of the life insurance proceeds? ABC Corp. purchased group term life insurance for all of its key employees in the amount of $100,000. The cost of the insurance is $175 The employer pays all of the premiums. Ben, age 50, is vice president and earns an annual salary of $100,000. How much must Ben recognize in income?

4. ABC Corp. purchased group term life insurance for all of its key employees in the amount of $100,000. The cost of the insurance is $175 The employer pays all of the premiums. Ben, age 50, is vice president and earns an annual salary of $100,000. How much must Ben recognize in income?