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How much must David include in his taxable income

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Problem - David is certified by his doctor as terminally ill with liver disease. His doctor certifies that he cannot reasonably be expected to live for more than a year. He sells his life insurance policy to Viatical Settlements, Inc., for $250,000. He has paid $20,000 so far for the policy. How much of the $250,000 must David include in his taxable income?

Reference no: EM132705602

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