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What amount must the friend include in gross income

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problem 1: A taxpayer was the owner and beneficiary of a $200,000 life insurance policy on a parent. The taxpayer sold the policy to a friend for $25,000. The friend paid a total of $40,000 in premiums. Upon the death of the parent, what amount, if any, must the friend include in gross income?

Reference no: EM132793059

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