Carin, a Widow, Elected to Receive the Proceeds of a $150,000

question 24

Multiple Choice

Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on the life of her deceased husband in 10 installments of $17,500 each.Her husband had paid premiums of $60,000 on the policy.In the first year, Carin collected $17,500 from the insurance company.She must include in gross income:

• A)$0.
• B)$2,500.
• C)$10,000.
• D)$25,000.
• E)None of these.

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Definitions:

Competence And Commitment

Represents the level of skill and dedication an individual or team possesses towards accomplishing tasks or goals.

Highly Competent

Describes someone with a high level of skills, knowledge, and ability in a particular area or field.

Highly Committed

Describes an individual or group that is deeply engaged and dedicated to a cause, goal, or organization, demonstrating strong loyalty and enthusiasm.

Performance Appraisals

A systematic evaluation process in which the performance of employees is assessed, usually by supervisors, to provide feedback, guide development, and inform decisions.