30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp., an accrual basis taxpayer, enters into a contract which will provide the corporation with the use of manufacturing equipment for the 5 year period beginning on December 1, 201 Corp. paid $100,000 for the 5-year period on December 1, 2018. How much, if any of the payment can deduct in 2018? a. $100,000 b.S0 c. $20,000 d. $1,666.67 30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp., an accrual basis taxpayer, enters into a contract which will provide the corporation with the use of manufacturing equipment for the 5 year period beginning on December 1, 201 Corp. paid $100,000 for the 5-year period on December 1, 2018. How much, if any of the payment can deduct in 2018? a. $100,000 b. S0 c. $20,000 d. $1,666.67