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For federal tax purposes, which of the following is true regarding lump-sum life insurance benefits? (Choose from the following options) 1. It is subject to
For federal tax purposes, which of the following is true regarding lump-sum life insurance benefits? (Choose from the following options) 1. It is subject to capital gains tax. 2. It is taxed as a percentage of income. 3. It is taxed as ordinary income. 4. It is received tax free
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