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8). Beverly died during the current year. At the time of her death, her accrued salary and commissions totaled $3,000 and were paid to her
8). Beverly died during the current year. At the time of her death, her accrued salary and commissions totaled $3,000 and were paid to her husband. The employer also paid the husband $35,000 which represented an amount equal to Beverly's salary for the year prior to her death. The employer had a policy of making the salary payments to help out the family in times of need. Beverly's husband collected her interest in the employer's qualified profit sharing plan amounting to $30,000. As beneficiary of his wife's life insurance policy, Beverly's husband elected to collect the proceeds in installments. In the year of death, he collected $8,000, which included $1,500 interest income that is taxable. Consider only the facts in this problem. What will be the taxable income for Beverly's husband? 8). Beverly died during the current year. At the time of her death, her accrued salary and commissions totaled $3,000 and were paid to her husband. The employer also paid the husband $35,000 which represented an amount equal to Beverly's salary for the year prior to her death. The employer had a policy of making the salary payments to help out the family in times of need. Beverly's husband collected her interest in the employer's qualified profit sharing plan amounting to $30,000. As beneficiary of his wife's life insurance policy, Beverly's husband elected to collect the proceeds in installments. In the year of death, he collected $8,000, which included $1,500 interest income that is taxable. Consider only the facts in this problem. What will be the taxable income for Beverly's husband
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