Answer : Interest income will be treated Larry's for current year. because Larry continued the proceed over 10 years therefore
Interest income will be = Money received from Insurance company - $10000(given)
=$13250 - $10000= $3250
Answer :- Larry report the income for current year =$3250
Note: If you have any doubt please ask ,Thanks. ?
Self-Study Problem 2.8 On March 19, 2013, Karen dies and leaves Larry an insurance policy with...
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