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At the time russ has paid 14000 in premiums and he collects

Question - Sharon transfers to Russ a life insurance policy with cash surrender value of $30,000 and a face value of $100,000 in exchange for real estate. Russ continues to pay the premiums on the policy until Sharon dies 7 years later. At the time, Russ has paid $14,000 in premiums, and he collects the $100,000 face value. How much of the proceeds is taxable to Russ?

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Accounting Basics: At the time russ has paid 14000 in premiums and he collects

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Accounting Basics: At the time russ has paid 14000 in premiums and he collects

Reference No:- TGS02613924

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