QUESTION 29 John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from the receipt of the life insurance proceeds is: a $100,000 reduced by the total of the premiums John had paid during his life Ob $100,000 O c. 1/2 of the amount received (i.e., $50,000) d. 50 QUESTION 30 During the year, Walt (self-employed) travels trom Seattle to Tokyo (Japan) on business. His time was spent as follows: 2 days travel (one day cach way), 2 days business, and 2 days personal. His expenses for the trip were as follows: Air fare Lodging for 2 business days Meals for 2 business days $3,000 2,000 1,000 Presuming no reimbursement, Walt's deductible expenses are