C Was Recently Diagnosed with a Rare Liver Disorder and Has

question 10

Multiple Choice

C was recently diagnosed with a rare liver disorder and has been certified by his medical doctor, on June 1 of the current year, as terminally ill.C immediately resigned from his sales position with IBM and, on July 1 of the current year, sold his life insurance policy with a face value of $300,000 to a viatical "settlement provider" (VSP) for $240,000.Assuming C paid $30,000 in premiums, how much of the $240,000 proceeds must he include in his gross income for the current year?

• A)$0
• B)$300,000
• C)$210,000
• D)$240,000

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Definitions:

Personal Selling Activities

Direct interaction between sales representatives and potential customers to persuade the customer to make a purchase.

Salesperson Traits

Characteristics or qualities that are typically found in successful sales professionals, such as persuasion, communication skills, and resilience.

Financial Compensation

Monetary payment provided to employees for their labor or to individuals as reparation for loss or injury.

Extra Vacation Days

Additional days off from work granted to employees beyond the standard vacation policy, often used as a benefit or reward.