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Jeff is the beneficiary of a $175,000 insurance policy on the life of his mother, Janet. To date, Janet has paid premiums of $10,000.

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Jeff is the beneficiary of a $175,000 insurance policy on the life of his mother, Janet. To date, Janet has paid premiums of $10,000. Requirement What amount of gross income must be reported in each of the following cases? a. Janet elects to cancel the policy and receives $110,000, the cash surrender value of the policy. b. Janet dies and Jeff receives the face amount of the policy, $175,000. c. Janet dies and Jeff elects to receive $49,250 per year for four years. a. Janet elects to cancel the policy and receives $110,000, the cash surrender value of the policy. A. Jeff must include $110,000 in his income. OB. Janet must include $100,000 in her income. OC. Janet must include $110,000 in her income. OD. Jeff must include $100,000 in his income. b. Janet dies and Jeff receives the face amount of the policy, $175,000. (Enter "0" if none of the gross income is taxable.) The amount Jeff must include in his income is c. Janet dies and Jeff elects to receive $49,250 per year for four years. (Enter "0" if none of the gross income is taxable.) The amount Jeff must report as income each year for four years is

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