Van is sick and tired of his job. His doctor certifies that his health may be compromised if he continues to work at his current job. He sells his life insurance policy to Life Settlements, Inc for $50,000 so he can take a break from work. He has paid $10,000 so far for the policy. How much of the $50,000 must Van include in his taxable income?
He must pay tax on the $40,000 gain on the sale of the policy. Van has not met the requirement for an accelerated death benefit or a viatical settlement.
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All of the following below are needed for the calculation of straight-line depreciation except
A) cost B) residual value C) estimated life D) units produced
Which of the following is a difference between routine claims and persuasive claims??
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