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Jill, a widow, elected to receive the proceeds of a $200,000 life insurance policy on the life of her deceased husband in 10 installments of$22,500

Jill, a widow, elected to receive the proceeds of a $200,000 life insurance policy on the life of her deceased husband in 10 installments of$22,500 each. Her husband had paid premiums of$60,000 on the policy. In the first year, Jill collected $17,500 from the insurance company.

What must she must include in gross income?

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ANS WER J ill must include 17 500 in gross income COM PUT ATION G ross income from the life ... blur-text-image

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