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Business, 18.10.2019 01:20 ddarby

Liam was the beneficiary of a life insurance policy on his wife. liam had paid $20,000 in premiums on the policy. be collected $50,000 on the policy when his wife died from a terminal illness. because it took several months to process the claim, the insurance company paid liam $52,000, the face amount of the policy plus $2,000 interest. liam is not required to recognize any income from the above transactions.
a. trueb. false

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