__29. Carin, a widow, elected to receive the proceeds of a $100,000 life insurance policy on the life of her deceased husbands in 10 annual installments of $11,000 each. Her husband had paid premiums of $30,000 on the policy. Over the life of the installment payments, Carin must include in her gross income:

a. $0

b. $10,000

c. $70,000

d. $100,000

e. $60,000

__30. Jeff owned a warehouse he used in his business that decreased in value by $40,000 during the year and on December 31, 2018, it was worth $170,000, but he did not sell the warehouse. The effect on Jeffs taxable income is:

a. capital loss equal to $40,000

b. ordinary loss equal to $20,000

c. deduction for AGI equal to $40,000

d. deduction from AGI equal to $20,000 subject to 10% of AGI floor

e. none of the above.