3 Patrick Peterson purchased a $50,000 life insurance policy in 2005. Between the purchase date and January 23, 2017, Patrick paid total premiums of $12,000. During the same period, Patrick received $2,100 of policy dividends. Patrick also purchased common stock in the company that issued the policy and during the same period Patrick received $900 of taxable dividends on the stock. On January 23, 2017, Patrick sold the policy to Christopher Carson for $11,000. Carson made premium payments on the policy in the total amount of $7,000 until June 21, 2020, on which date Patrick died. Christopher Carson received the life insurance proceeds of $50,000 a few weeks after Patrick's death. How much gross income, if any, must Christopher Carson report on his 2020 Form 1040? A 39,000 B o 43,000 D 32,000 E None of the above