Sixteen years ago, Ms. Cole purchased a $542,000 insurance policy on her own life and named her son as sole beneficiary. She has paid $33,604 total premiums to keep this policy in force. Required: a. This year, she liquidates the policy for its $41734 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 80 percent of the death benefit. She does so and receives a $433,600 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 $41,734 cash surrender value. Does she recognize income on the liquidation