Joe purchased a life insurance policy for $8,000 on his son's life from his father-in-law....
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Accounting
Joe purchased a life insurance policy for $8,000 on his son's life from his father-in-law. After paying annual premiums of $3,000 ($1,000 per year for three years), his son died and Joe collected $50,000. How much is taxable?
| None | ||
| $42,000 | ||
| $39,000 | ||
| $50,000
|
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