Seymore named his wife
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 15P: Greg died on July 1,2019 , and left Lea, his wife, a $45,000 life insurance policy which she elects...
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Transcribed Image Text:Seymore named his wife, Penelope, the beneficiary of a $100,000 insurance policy on his life. The
policy provided that, upon his death, the proceeds would be paid at a rate of $4,000 per year plus
interest over a 25-year period. Seymore died June 25 of last year, and in the current year
Penelope received a payment of $6,200 from the insurance company. What amount should she
include in her gross income for the current year?
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