Exercise 5-23 (LO. 2) Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays
$32,000
in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of
$500,000
. As a result, how much gross income does Jason report?
$500,000

Question

Exercise 5-23 (LO. 2) Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays

$32,000

in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of

$500,000

. As a result, how much gross income does Jason report?

$500,000

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