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Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the

Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income.

Bart is the beneficiary of a $125,000 whole life insurance policy on the life of Thelma. Thelma died this year, and Bart received $125,000 in cash.

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