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For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda

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For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face ralue was $40,000

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