Cameron Is the Owner and Beneficiary of a $300,000 Policy

Question 44
Multiple Choice

Cameron is the owner and beneficiary of a $300,000 policy on the life of his mother.Cameron sells the policy to his brother,Parker,for $100,000.Parker subsequently pays premiums of $55,000.Upon his mother's death,how much of the insurance proceeds must Parker include in income? A)$0 B)$55,000 C)$145,000 D)$300,000