Show complete solution please Linda bought a life insurance policy whereby she insured herself for 1 million for a period of 10 years. Annual premium amount is 50,000. After 10 years, she received...


Show complete solution please<br>Linda bought a life insurance policy whereby<br>she insured herself for 1 million for a period<br>of 10 years. Annual premium amount is<br>50,000. After 10 years, she received from the<br>insurance company the amount of 600,000.<br>65. How much is the gross income?<br>A. ZERO<br>В. 100,000<br>C. 600,000<br>D. 1,000,000<br>66. In the above problem, assuming Linda<br>died on the end of the fourth year of the<br>policy<br>and the beneficiary received 1 Million from<br>the insurance company, how much is the<br>gross income recognizable?<br>Ă. ZERO<br>В. 200,000<br>С. 800,000<br>D. 1,000,000<br>

Extracted text: Show complete solution please Linda bought a life insurance policy whereby she insured herself for 1 million for a period of 10 years. Annual premium amount is 50,000. After 10 years, she received from the insurance company the amount of 600,000. 65. How much is the gross income? A. ZERO В. 100,000 C. 600,000 D. 1,000,000 66. In the above problem, assuming Linda died on the end of the fourth year of the policy and the beneficiary received 1 Million from the insurance company, how much is the gross income recognizable? Ă. ZERO В. 200,000 С. 800,000 D. 1,000,000

Jun 02, 2022
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