Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. john sold his term life insurance policy in a life

John sold his term life insurance policy in a life settlement transaction for $40,000. If...

50.1K

Verified Solution

Question

Accounting

John sold his term life insurance policy in a life settlement transaction for $40,000. If he paid $10,000 in total premiums for the coverage, how much of the settlement is taxable as ordinary income?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Codeine (C18H21NO3) is a narcotic pain reliever titrated with HCL. What is the pH of a 0.0500...

Chemistry
Q

What are the pseudo instructions commonly used in the MCS-51 assembly language? What effect does each...

Electrical Engineering
Q

Steam is to be condensed on the shell side of a heat exchanger at 50°C. Cooling...

Mechanical Engineering
Q

A person invested $4,300 in an account growing at a rate allowing the money todouble...

Basic Math
Q

James has a mortgage of $94,500 at 8% for 30 years. The property taxes are...

Basic Math
Q

If a building contractor hires 6 day laborers and 1 concrete finisher, his payroll for...

Basic Math
Q

In a survey of 2341 adults 732 say they believe in UFOs Construct a 99...

Statistics
Q

If a linear function has the points (-9,9) and (-1,8) on its graph, what is...

Algebra
Q

Use the graph below to help you answer the questions.a. Show use of division to...

Algebra
Q

Estimated Warranty Liability Savory sold $558,000 of consumer electronics during July under a two-year warranty....

Accounting
Q

Analyze Carries credit card statement and bank statement. How would you describe her spending habits?

Accounting
Q

Q The research of the end other two to be a) Chwww Q The...

Accounting