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Compute Harry gross income from the life insurance

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Problem - Harry's wife Lila passes away in January of the current year. Fortunately, Lila had a $1 million life insurance policy. Harry elects to receive all $1 million in the current year and spends $200,000 of it on a luxury around-the-world trip with his new girlfriend. Compute Harry's gross income from the life insurance?

a. $0

b. $200,000

c. $800,000

d. $1,000,000

Reference no: EM132705540

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