Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This year Jim provided lawn-mowing services to other club members. Jim received the following from the barter club. Determine the amount, if any Jim should include in his gross income in each of the following situations

Jim received $100,000 for the life insurance proceed due to losing his wife.

Gross income for the current year should be

1. $100,000

2. $100,000 plus any additional interest earned

3. $50,000 as the advantages of joint return

4. $0

5. $0 but can be subject to estate taxes