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How much interest income needs to be reported

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Problem 1: Justin's father passed away in 2019 and in 2020 he received a parcel of land worth $500,000. There was also a Life Insurance policy from AIG of $2,000.000 where Justin was the sole beneficiary. The proceeds were paid to him in an annuity of $425,000 per year for 5 years starting 2020. How much interest income needs to be reported given that the Death Benefit amount is exceeded?

Reference no: EM132943274

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