David Has Been Diagnosed with Cancer and Is Expected to Live

question 51

Multiple Choice

David has been diagnosed with cancer and is expected to live less than 18 months.David is covered by a life insurance policy with a $400,000 face amount.David cashes in the policy early under a special option and receives 80% of the face amount or $320,000.In the year of collection,David will report

• A)no income.
• B)$80,000.
• C)$320,000.
• D)$400,000.

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Definitions:

FCC License

A certification issued by the Federal Communications Commission that authorizes the use of radio frequencies or operation of communication devices and stations.

Broadcast

The transmission of audio and video content to a dispersed audience via radio, television, or other digital platforms.

Over-The-Air

A method of transmitting content such as TV and radio broadcasts wirelessly using radio waves.

Adversarial Journalism

Adversarial journalism refers to a style of reporting in which the press maintains a skeptical or oppositional stance towards the government and other power structures, aiming to rigorously question and scrutinize their actions.