Ellie purchases an insurance policy on her life and names, Financial Accounting

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Ellie purchases an insurance policy on her life and names

Ellie purchases an insurance policy on her life and names her brother. Jason, as the beneficiary. Ellie pays $32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of $500,000. As a result, how much gross income goes Jason report?

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Financial Accounting: Ellie purchases an insurance policy on her life and names

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