5. Nancy, who is 59 years old, is the beneficiary of a $245,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? A. Received a lump sum of $245,000. B. Received a first annual payment of $26,000, nine more annual payments will follow. 6.A married couple received $9,400 of social security benefits. Calculate the taxable amount of those benefits if the couple's provisional income is $21,000. 7. On December 1st of the current year (2020) Jack receives $12,000 for six months rent (Dec.-May). How much taxable income should be recognized in the current year?