Over the years Rianna paid $65,000 in premiums on a life insurance policy with a face value of $100,000. Upon reaching 65, while still in good health, Rianna surrendered the policy and collected $95,000. In the year of collection, Rianna will report
A. $95,000 of taxable income.
B. $30,000 of taxable income.
C. $5,000 of tax loss.
D. no income.
Answer: B
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