Tom named his wife patricia the beneficiary of a 200000, Ask an Expert

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Tom named his wife Patricia the beneficiary of a $200,000 insurance policy on his life. Upon his death, the proceeds are to be paid to Patricia with interest over her life expectancy. Tom died in 2003, when Patricia's life expectancy was 25 years. If she receives $10,400 during the year, what amount would she include in gross income?

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Accounting Basics, Accounting

Category:- Accounting Basics
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