Carin a widow elected to recieve the proceeds of a 100000, Ask an Expert

Accounting

Carin, a widow, elected to recieve the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each. Her husband had prepaid premiums of $75,000 on the policy. In the first year, Carin collected $15,000 from the insurance company. She must include in gross income:

A) $0

B) $5,000

C) $10,000

D) $15,000

E) None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979311

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