How much of the proceeds is taxable to russ

Reference no: EM13131723

sharon transfers to Russ a life insurance policy with cash surrender value of $30,000 and a face value of $100,000 in exchange for real estate. Russ continues to pay the premiums on the policy until sharon dies 7 years later. at the time, russ has paid $14,000 in premiums, and he collcts the $100,000 face value. how much of the proceeds is taxable to Russ?

Reference no: EM13131723

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