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Question - Jack is the beneficiary of a life insurance policy taken out by his father several years ago. Jack's father passed away, and Jack has the option to receive the $100,000 face value of the policy in cash or to receive annual payments of $1,000 per month for the rest of his life. Jack is now 65, and his father paid $32,000 in premiums over the years. How much must Jack include in gross income this year if he takes the $100,000 face amount of the policy this year? Assume that Jack elects to take the annual payments and that his life expectancy is 20 years, what amount of the annual payments, if any, can he exclude from gross income? How much must he include in gross income, if any? Explain.
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