[Solved] Greg Is the Owner and Beneficiary of a $100,000 Policy

Question 45
Multiple Choice

Greg is the owner and beneficiary of a $100,000 policy on the life of his mother. Greg gives the policy to his brother, Don. Don subsequently pays premiums of $40,000. Upon his mother's death, how much of the insurance proceeds must Don include in income?

A)$0
B)$40,000
C)$60,000
D)$100,000

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