Janice was a cash basis taxpayer at the time of her death

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Janice was a cash basis taxpayer. At the time of her death, she was owed $100,000 in accrued salary. Upon Janice's death, the employer was required to pay Wayne, Janice's brother, her accrued salary. Janice was a key employee, and her employer had purchased a $1,000,000 insurance policy on her life, with the proceeds payable to the employer. Her employer had paid $300,000 in premiums when it collected the face amount of the policy.
What would each person's gross income be?

Reference no: EM13600753

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