Quincy worked for a company that had purchased a $100,000 key person policy in his lifetime. When Quincy left the company, the employer offered to sell him the policy. Quincy purchased the policy from the employer for $25,000. Quincy continued to make premium payments, which totaled $15,000. When Quincy died, his son Jonah received the proceeds from the insurance company's policy.

What are the income tax consequences for Jonah?