This year, Janelle received $140,000 in life insurance proceeds. Under the following scenarios, how much...
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Accounting
This year, Janelle received $140,000 in life insurance proceeds. Under the following scenarios, how much of the $140,000 is taxable? (Leave no answer blank. Enter zero if applicable.)
a. Janelle received the proceeds upon the death of her father, Julio.
Taxable amount: ________
b. Janelle received the $140,000 proceeds because she was diagnosed with colon cancer (life expectancy of six months), and she needed the proceeds for her care.
Taxable amount: ________
c. The proceeds related to a life insurance policy she purchased for $18,900 from a friend in need. After purchase, Janelle paid annual premiums that total $9,800.
Taxable amount: _______
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