Meg was the beneficiary of a 50000 life insurance policy, Auditing

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Meg was the beneficiary of a 50000 life insurance policy

Problem

Meg was the beneficiary of a $50,000 life insurance policy when her father died at the end of 2014. The insurance company gives her the option of taking the $50,000 as a lump sum immediately or receiving an annuity of $8,000 per year for 12 years beginning in 2015. Meg takes the annuity option. What amount must Meg include in her income in 2015?

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