Clark is the beneficiary of a $24,000 insurance policy on the life of his mother. Because Clark needs funds, he sels the policy to his sister, Lana, for $9,000. Lana subsequently pays premiums of $12,000 Requirements a. How much income must Lana report if she collects the face value of the policy upon the death of her mother? b. Would Lana have to report any income if her brother had given her the policy? Assurne the only payment she made was $12,000 or the premiums. Requirement a. How much income must Lana report it she collects the face valve of the policy upon the death of her mother? (Enter a o" if no income needs to be reported.) Upon the death of her mother, Lana is to report Requirement b. Would Lana have to report any income if her brother had given her the poicy? Assume the only payment she made was $12,000 for the premiums. (Enter a "o if s she collects he tace value or the policy. no income needs to be reported.) if Lana's brother gave her the policy, S L ncome would have to be reported