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A taxpayer receives on January 1 of this year $300,000 in life insurance proceeds because her sister died. She leaves the money with the insurance

  1. A taxpayer receives on January 1 of this year $300,000 in life insurance proceeds because her sister died. She leaves the money with the insurance company which pays her interest at 5% on the money. How much money Is included in the taxpayers income in this year?

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