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How much must mrs manilow include in gross income

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Reference no: EM132823604

Problem 1: Mrs. Manilow's husband died in November Year 1. She chose to receive the proceeds of his $125,000 life insurance policy over a 10-year period rather than as a lump-sum payment. She began receiving monthly payments of $1,500 in December Year 1. How much must Mrs. Manilow include in gross income from these payments in Year 2?

A-0
B-12,500
C-18,000
D-5,500

Reference no: EM132823604

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