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5. Will elected to receive the proceeds of a $120,000 face value life insurance policy on the life of his deceased wife in 10 annual

5. Will elected to receive the proceeds of a $120,000 face value life insurance policy on the life of his deceased wife in 10 annual installments of $15,000 each, beginning in 20X6. Of the $15,000 received in 20X6, the amount subject to income tax is: a. $ 0 b. $ 3,000 c. $12,000 d. $15,000 e. None of the answers provided is correct

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