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Ben elected to receive the proceeds of a $90,000 face value life insurance policy on the life of his deceased wife in 12 annual installments
Ben elected to receive the proceeds of a $90,000 face value life insurance policy on the life of his deceased wife in 12 annual installments of $9,000 each, beginning in 20X3. Of the $9,000 received in 20X3, the amount subject to income tax is:
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