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What amount must park include in gross income

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Reference no: EM132812003

Problem 1: Lee was the owner of a $100,000 life insurance policy on a parent. Lee sold the policy to Park for $30,000. Park paid a total of $50,000 in premiums. Upon the death of the parent, what amount must Park include in gross income?

a. $50,000

b. $20,000

c. $30,000

d. $0

Reference no: EM132812003

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