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