Tobie transfers to Keith a life insurance policy with a face value of $$25,000$ and a cash value of $$5,000$ in payment of a personal debt. Keith continues to make pren

policy until Tobie's death. At that time, Keith had paid $$1,500$ in premiums.

How much income must Keith report when he receives the $$25,000$ in proceeds?

b$.$ Would your answer be different if Tobie and Keith were partners in a partneship? Why?