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Greg Is the Owner and Beneficiary of a $100,000 Policy

question 18

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Greg is the owner and beneficiary of a $100,000 policy on the life of his mother.Greg gives the policy to his brother,Don.Don subsequently pays premiums of $40,000.Upon his mother's death,how much of the insurance proceeds must Don include in income?

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Definitions:

Desegregated Schools

Educational institutions that have been integrated, allowing students of all races to attend the same schools.

Montgomery Bus Boycott

A social protest campaign against racial segregation on the public transit system in Montgomery, Alabama, that began in 1955.

Women's Political Council

An organization instrumental in the Civil Rights Movement, particularly known for its role in organizing the Montgomery Bus Boycott in the 1950s in the United States.

Dr. Martin Luther King, Jr.

A prominent leader in the American civil rights movement, best known for his role in advancing civil rights using nonviolent civil disobedience based on his Christian beliefs.

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