Exercise 5-24 (Algorithmic) (LO. 1, 2) Leland pays premiums of $9,750 for an insurance policy in the face amount of $48,750 upon the life of Caleb and subsequently transfers the policy to Tyler for $14,625. Over the years, Tyler pays subsequent premiums of $2,925 on the policy. Upon Caleb's death, Tyler receives the proceeds of $48,750. As a result, what amount is Tyler required to include in his gross income