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4. Mike elected to receive the proceeds of a $90,000 face value life insurance policy on the life of his deceased wife in 12 annual

4. Mike elected to receive the proceeds of a $90,000 face value life insurance policy on the life of his deceased wife in 12 annual installments of $9,000 each, beginning in 20x3. Of the $9,000 received in 20x3, the amount subject to income tax is: a. $ 0 b. $1,500 c. $7,500 d. $9,000 e. None of the answers provided is correct

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