Multiple Choice
David has been diagnosed with cancer and is expected to live less than 18 months.David is covered by a life insurance policy with a $400,000 face amount.David cashes in the policy early under a special option and receives 80% of the face amount or $320,000.In the year of collection,David will report
A) no income.
B) $80,000.
C) $320,000.
D) $400,000.
Correct Answer:
Verified
Correct Answer:
Verified
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