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Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays $37, 250 in premiums for the policy

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Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays $37, 250 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of $558, 750. As a result, Jason reports gross income of Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays $37, 250 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of $558, 750. As a result, Jason reports gross income of

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