Question 1 greg died on july 1 2016 and left lea his wife a, Ask an Expert

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Question: 1. Greg died on July 1, 2016, and left Lea, his wife, a $50,000 life insurance policy which she elects to receive at $5,000 per year plus interest for 10 years. In the current year, Lea receives $5,900. How much should Lea include in her gross income?

2. In June of 2016, Kevin inherits stock worth $125,000. During the year, he collects $6,500 in dividends. How much of these amounts, if any, should Kevin include in his gross income for 2016 and why?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92710064

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