Solution-How much of the proceeds if any is taxable to Russ

How much of the proceeds if any is taxable to Russ

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Reference no: EM132607643

Question - Sharon transfers to Russ a life insurance policy with a cash surrender value if $32,000 and a face value of $96,00 in exchange for real estate. Russ continues to pay the premiums on the policy until Sharon dies 7 years later. At that time, Russ has paid $14,000 in premiums, and he collects the $96,000 face value.

How much of the proceeds, if any, is taxable to Russ?

Reference no: EM132607643

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How much of the proceeds if any is taxable to Russ : Sharon transfers to Russ a life insurance policy with a cash surrender value if $32,000. How much of the proceeds, if any, is taxable to Russ

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How much of the proceeds if any is taxable to Russ

Reference no: EM132607643

Reference no: EM132607643

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