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(Solution) - Janice was a cash basis taxpayer At the time of

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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?


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This question was answered on: Jul 11, 2017

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