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Sam was the beneficiary of a $600,000 life insurance policy. He took the proceeds in a series of $60,000 annual payments over 15 years. What

Sam was the beneficiary of a $600,000 life insurance policy. He took the proceeds in a series of $60,000 annual payments over 15 years. What portion of the $60,000 he receives the first year is taxable as income?

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