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*Swan Finance Company, an accrual method taxpayer, requires all of its customers to carry credit life insurance. If a customer dies, the company receives from
*Swan Finance Company, an accrual method taxpayer, requires all of its customers to carry credit life insurance. If a customer dies, the company receives from the insurance company the balance due on the customers loan. Ali, a customer, died owing Swan $1,500. The balance due included $200 accrued interest that Swan has included in income. What happens when Swan collects $1,500 from the insurance company
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