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What are the income tax consequences for Jonah

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Reference no: EM132591034

Question - Quincy worked at a company that had purchased a $100,000 key person policy on his life. When Quincy left the company, the employer offered to sell him the policy. Quincy purchased the policy from the employer for $25,000. Quincy continued to make the premium payments which were a total of $15,000. When Quincy died, his son Jonah received the policy proceeds from the insurance company. What are the income tax consequences for Jonah?

Reference no: EM132591034

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