1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Verizon [17]
3 years ago
14

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, Jason reports gross income of __________.
Business
1 answer:
Natalija [7]3 years ago
5 0

Answer:

He does not report any gross income as life insurance proceeds are exempted from tax.

Explanation:

As a rule life insurance proceeds to a beneficiary are not taxable, they are viewed as non taxable inheritance of the deceased to the beneficiary.

However if Ellie had instructed the insurance company to hold the funds for sometime before paying Jason, the interest earned during that period will be taxable.

You might be interested in
Patricia is the owner of a floral shop. a successful global candle company approached her about selling its products in her shop
Tema [17]
What could mean above is that the events that is happening to Patricia's life is an opportunity. It is an opportunity for it enables a person to do the things he or she wants with the circumstances that has been given to him or her. It could be described in the scenario above as a global company approach her into selling her products to their shop in which it could make her reach the goal that she has always wanted.
5 0
3 years ago
Bakery A uses 60 bags of flour each month. The flour is purchased from a supplier for a price of $80 per bag and an ordering cos
jasenka [17]

I don't what the answer is but I will look for it

3 0
2 years ago
A company’s financial records at the end of the year included the following amounts: Cash $ 70,600 Accounts Receivable 28,600 Su
Artyom0805 [142]

Answer:

5678

Explanation:

45678

8 0
3 years ago
Why are developing countries experiensing rapid population growth while developed countries are growing slowly or not at all?​
Mekhanik [1.2K]

Answer:

Population growth in developing countries will be greater due to lack of education for girls and women, and the lack of information and access to birth control.

Carry learning!

Study hard!

Brainliest please!

Thank you

4 0
2 years ago
Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the price is $15. What is the pr
BabaBlast [244]
Bobo's demand curve is elastic hence his purchasing ability is easily influenced by a slight change in the price of the product
3 0
3 years ago
Other questions:
  • 3. What is the difference between a desire-based message and a fear-based message?
    9·1 answer
  • True or false: apple computer, inc. collected information on the age of their customers. the youngest customer was 12 and the ol
    7·1 answer
  • Which of the following is NOT considered a key characteristic of a core capability: a. It is based on factors that are rare or u
    7·1 answer
  • Select the correct answer. What direction does the relationship between supply and price take? A. slopes upward B. parallel to t
    8·1 answer
  • What steps can be taken to build a sound financial reputation
    7·2 answers
  • Paying for a WiFi Network. Consider a small town with 1,000 households. The town could install a wireless WiFi network that woul
    11·1 answer
  • What would be the annual cost saved by shifting from the ​-bag lot size to the​ EOQ? The annual holding cost with the EOQ is ​$
    12·1 answer
  • What would most likely happen to the price of cable TV in Sydney, NE, when the single cable TV firm now has a new competitor com
    12·1 answer
  • Rizzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company has the following performa
    12·1 answer
  • the final report should include an assessment of the effectiveness of the project team, not only in terms of actual performance
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!