In december 2009 mitch died. his wife was the beneficiary, Ask an Expert

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In December 2009, Mitch died. His wife was the beneficiary of his $650,000 life insurance policy. Mitch had paid $25,000 in premiums. His wife elected to collect the proceeds in 10 equal installments of $75,000 ($65,000 on the face amount of the policy and $10,000 interest). Of the $75,000 she collected in 2009, what the taxable amount is:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952469

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