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devlian [24]
2 years ago
9

For federal tax purposes, which of the following is true regarding lump-sum life insurance benefits?

Business
1 answer:
Lorico [155]2 years ago
7 0

Based on the information given, it should be noted that all proceeds are income tax free in the year that they're received.

<h3>What is tax?</h3>

A tax simply means a compulsory levy that's paid by the people or companies to the government. It's important to achieve economic development.

For federal tax purposes regarding lump-sum life insurance benefits, it should be noted that all proceeds are income tax free in the year that they're received.

Learn more about tax on:

brainly.com/question/9437038

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