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Jill, a widow, elected to receive the proceeds ofa $150,000 life insurance policy on the life of her deceased husband in 10 installments of$17,500 each.
Jill, a widow, elected to receive the proceeds ofa $150,000 life insurance policy on the life of her deceased husband in 10 installments of$17,500 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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