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Jake owns an insurance policy on the life of his father, Mike. Upon Mike's death,...

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Accounting

Jake owns an insurance policy on the life of his father, Mike. Upon Mike's death, the policy proceeds of $1,000,000 are paid to the designated beneficiary, Kate. What are the tax consequences resulting from Mike's death based on the following assumptions? (I) Kate is Jake's daughter. (II) Kate is Jake's wife. (III) What are the tax consequences if Jake dies first

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