Able is the owner and beneficiary of a $30,000 life insurance policy on Baker.Able sold the policy for $10,000 to Carr, who subsequently pays $6,000 of premiums on the policy.When Baker dies, Carr collects $30,000 of life insurance proceeds.What are the tax consequences to Carr of receiving the $30,000 of life insurance proceeds?

a.Carr's gross income is $20,000 ($30,000 less $10,000)

b.Carr's gross income is $14,000 ($30,000 less $10,000 less $6,000)

c.Life insurance proceeds are excluded from income, so Carr includes $0 in gross income

d.Carr's gross income is $30,000 because this was a transfer for valu