What is Iris gross income from these transactions

Reference no: EM132722588

Question - In 2019, Iris collected $150,000 on her deceased husband's life insurance policy. The policy was purchased by the husband's employer under a group policy. Iris's husband had included $5,000 in gross income from the group term life insurance premiums during the years he worked for the employer.

Iris also received a separate inheritance from her husband of $70,000 and a gift of $30,000 from her brother. Iris, who is currently in perfect health, also sold a life insurance policy on herself to an insurance company for $130,000. She had paid premiums of $35,000 on the policy. What is Iris' gross income from these transactions?

Reference no: EM132722588

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