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1. Susan is the beneficiary of a $50,000 insurance policy on the life of her mother,...
Susan is the beneficiary of a $50,000 insurance policy on the life of her mother, Kayla....
Susan is the beneficiary of a $50,000 insurance policy on the life of her mother, Kayla. To date, Kayla has paid premiums of $16,000 on the policy. Kayla elects to cancel the policy and receive $21,000, the cash surrender value of the policy. How much gross income must Kayla report as taxable income?
Carla is the owner and beneficiary of a $300,000 policy on the life of her father....
Carla is the owner and beneficiary of a $300,000 policy on the life of her father. Carla sells the policy to her sister, Paula, for $100,000. Paula later pays premiums of $45,000. Upon her father's death, how much of the insurance proceeds must Paula include in income? A. $0 B. $155,000 C. $45,000 D. $300,000 16) Mary is the beneficiary of a $500,000 insurance policy on her husband's life. She elects to receive $52,000 per year for 10 years rather...
Felicia is covered by a $180,000 group term life insurance policy and her daughter is the beneficiary
3. Felicia is covered by a $180,000 group term life insurance policy and her daughter is the beneficiary. Felicia's employer pays the entire cost of the policy for which the uniform annual premium is $8 per $1,000 of coverage. How much of this premium is taxable to Felicia? a. $0 b. $640 c. $1,040 d . $1,440 4. Scott, age 22, is a full-time student at State College and a candidate for a bachelor's degree. During the current year, he received the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
30. John takes out a life insurance policy on his life naming his wife, Mary, as...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
7. Victoria cashes in her life insurance policy and receives the cash surrender value of $250,000. She had paid $13...
7. Victoria cashes in her life insurance policy and receives the cash surrender value of $250,000. She had paid $130,000 in premiums. What are the tax consequences to Victoria? a. She recognizes no income from the transaction b. She must include all $250,000 in gross income c. She has income of $130,000 in the current year d. She recognizes $120,000 gain in the current year
Income. During 2019 David inherited $50,000 from her aunt, and also was the beneficiary of her aunt’s life insurance policy and collected $10,000. How much income does David have for 2022 from these events?
During 2019 David inherited $50,000 from her aunt, and also was the beneficiary of her aunt’s life insurance policy and collected $10,000. How much income does David have for 2022 from these events?
3. Mary's husband Ben died during the current year. She was the beneficiary of his life insurance policy in the fac...
3. Mary's husband Ben died during the current year. She was the beneficiary of his life insurance policy in the face amount of $300,000. Because Mary likes to go on expensive vacations, she is concerned that she will spend all the money in a few months. She decides to leave the money with the insurance company and will take the money out over a period of ten years. In the current year, Mary receives a check for $34,000 from the...
In addition to her salary, Emily received the following amounts during the current year: Life insurance...
In addition to her salary, Emily received the following amounts during the current year: Life insurance proceeds where she was the beneficiary $75,000 Qualifying dividend on corporate stock 5,000 Income from babysitting 300 Gift card from a drawing for filling out a survey at a local store 500 Gambling winnings from betting on the Kentucky Derby Gambling losses from a weekend in Las Vegas 1,000 600 By how much will these items increase her gross income? $6,300 $81,800 $6,200 $6,800...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their ...
1. Corporation P files a consolidated return with Corporation S. In preparing a consolidated return, their accountant finds the following: P S Separate taxable income (loss) $500,000 ($200,000) Capital gain (loss) ($25,000) $50,000 Charitable contributions $20,000 $10,000 Dividend from S $10,000 What is the consolidated return taxable income? a. $365,000 b. $295,000 c. $280,000 d. $315,000 2. Jude received a $25,000 distribution from BC Corporation that the corporation identified as $15,000 dividend and $10,000 return of capital. What effect does...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
7. Victoria cashes in her life insurance policy and receives the cash surrender value of $250,000. She had paid $130,000 in premiums. What are the tax consequences to Victoria? a. She recognizes no income from the transaction b. She must include all $250,000 in gross income c. She has income of $130,000 in the current year d. She recognizes $120,000 gain in the current year
3. Mary's husband Ben died during the current year. She was the beneficiary of his life insurance policy in the face amount of $300,000. Because Mary likes to go on expensive vacations, she is concerned that she will spend all the money in a few months. She decides to leave the money with the insurance company and will take the money out over a period of ten years. In the current year, Mary receives a check for $34,000 from the...
In addition to her salary, Emily received the following amounts during the current year: Life insurance proceeds where she was the beneficiary $75,000 Qualifying dividend on corporate stock 5,000 Income from babysitting 300 Gift card from a drawing for filling out a survey at a local store 500 Gambling winnings from betting on the Kentucky Derby Gambling losses from a weekend in Las Vegas 1,000 600 By how much will these items increase her gross income? $6,300 $81,800 $6,200 $6,800...
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