Perry is the beneficiary of a $95,000 insurance policy on the life is her mother LORI. To date, LORI has paid premiums of $55,000. If Perry elects to cancel the the policy and receive $75,000 cash surrender value of the policy, Based on the scenario above, what amount must be reported as income? How would this answer change if LORI died and Perry received the face amount of the policy, $95,000