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How much is alfred required to include in his gross income

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Question

Alfred owned a term life insurance policy at the time he was diagnosed as having a terminal illness. After paying $47,000 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $329,000. When Alfred died 18 months later, the company collected the face amount of the policy, $394,800.

As a result of the sale of the policy, how much is Alfred required to include in his gross income?

Reference no: EM132386240

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