Miranda had a terminal illness and realized that she cant take it with her. Therefore, she cashed in her insurance policy and received $150,000. She had paid $80,000 in premiums on the policy. Miranda used the money to fulfill her lifelong dream of going to Hollywood, driving an expensive Rolls Royce, and vacationing in Hawaii.

Was Mirandas behavior consistent with Congresss intent in providing the tax exemption she was permitted to use? Explain why or why not.

Were Mirandas actions unethical? Explain your rationale