3. Mary's husband Ben died during the current year. She was the beneficiary of his life insurance policy in the face amount of $300,000. Because Mary likes to go on expensive vacations, she is concerned that she will spend all the money in a few months. She decides to leave the money with the insurance company and will take the money out over a period of ten years. In the current year, Mary receives a check for $34,000 from the insurance company. What are the tax consequences, if any, of this payment to Mary? a. $30,000 of each payment is not taxable and $4,000 is taxable b. $4,000 of each payment is not taxable and $30,000 is taxable c. The entire amount of each payment is excluded from her gross income as life insurance proceeds 1. -.-. tavalla