For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.
For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.
Chapter7: Tax Credits
Section: Chapter Questions
Problem 15P
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Transcribed Image Text:For each situation listed indicate the amount to be included in income for current
year. The federal interest rate of 5.5% is in effect.
Linda collected $42,000 on a life insurance policy from her husband, Leon's death.
The insurance policy was provided by Leon's employer, and the premiums were
excluded from Leon's gross income as group term life insurance. The policy face
value was $40,000.
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