Carin,a Widow,elected to Receive the Proceeds of a $100,000 Life

question 72

Multiple Choice

Carin,a widow,elected to receive the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each.Her husband had paid premiums of $75,000 on the policy.In the first year,Carin collected $15,000 from the insurance company.She must include in gross income:

• A)$0.
• B)$5,000.
• C)$10,000.
• D)$15,000.
• E)None of the above.

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