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Midterm Exam
6. Rebecca is the beneficiary of a $500,000 insurance policy on her husband’s life. She elects to receive $52,000 per year for 10 years rather than receive the entire amount in a lump sum. Of the amount received each year
- $50,000 is taxable income.
- $52,000 is taxable income.
- $5,000 per year is tax free as a death benefit.
- $2,000 is taxable income.
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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam