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Sixteen years ago, Ms. Cole purchased a $508,000 insurance policy on her own life and named her son as sole beneficiary, She has paid $31,496 total premiums to keep this policy in force. a. This year, she liquidates the policy for its $39,116 cash surrender value. Does she recognize income on the liquidation? b. Now assume that Ms. Cole is terminally ill. The insurance policy provides that a person with a life expectancy of less than one year can liquidate the policy and receive 86 percent of the death benefit. She does so and receives a $406,400 accelerated death benefit. Does she recognize income on the liquidation? Complete this question by entering your answers in the tabs below. Required A Required B This year, she liquidates the policy for its $39,116 cash surrender value. Does she recognize income on the liquidation? Does she recognize income on the liquidation? Recognized Income Required B > Complete this question by entering your answers in the tabs below. Required A Required Now assume that Ms. Cole is terminally ill. The insurance policy provides that a person with a life expectancy of less than one year can liquidate the policy and receive 80 percent of the death benefit. She does so and receives a $406,400 accelerated death benefit. Does she recognize Income on the liquidation? Does she recognize income on the liquidation? Recognized Income