Determine the gross income of the beneficiaries in the following cases: a. Justins employer was downsizing and
Question:
Determine the gross income of the beneficiaries in the following cases:
a. Justin’s employer was downsizing and offered employees an amount equal to one year’s salary if the employee would voluntarily retire.
b. Trina contracted a disease and was unable to work for six months. Because of her dire circumstances, her employer paid her one-half of her regular salary while she was away from work.
c. Coral Corporation collected $1 million on a key person life insurance policy when its chief executive died. The corporation had paid the premiums on the policy of $77,000, which were not deductible by the corporation.
d. Juan collected $40,000 on a life insurance policy when his wife, Leona, died in 2016. The insurance policy was provided by Leona’s employer, and the premiums were excluded from Leona’s gross income as group term life insurance. In 2017, Juan collected the $3,500 accrued salary owed to Leona at the time of her death.
Corporation A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a The payments received for not working must be included in Justins gross income because he experien...View the full answer
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