Janice was a cash basis taxpayer. At the time of her death, she was owed $100,000 in accrued salary. Upon Janice's death, the employer was required to pay Wayne, Janice's brother, her accrued salary. Janice was a key employee, and her employer had purchased a $1,000,000 insurance policy on her life, with the proceeds payable to the employer. Her employer had paid $300,000 in premiums when it collected the face amount of the policy. What amount must be included in the gross income of Janice, Wayne, and Janice's employer?
This question was answered on: Jul 11, 2017
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