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Tory purchased a life insurance policy on her life in the amount of $200,000. She named Scott as the beneficiary. Tory passed away and Scott
Tory purchased a life insurance policy on her life in the amount of $200,000. She named Scott as the beneficiary. Tory passed away and Scott elected to receive the policy proceeds over the next 10 years. The insurance company will pay Scott $25,000 each year. What are the tax consequences to Scott each year for the next 10 years upon receipt of the $25,000
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