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How much of the proceeds is taxable to russ

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Question - 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 collects the $100,000 face value. How much of the proceeds is taxable to Russ?

Reference no: EM131818417

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