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Business, 07.11.2019 06:31 bubbleslol4463

> leland pays premiums of $5,000 for an insurance policy in the face amount of $25,000 upon the life of caleb and subsequently transfers the policy to tyler for $7,500. over the years, tyler pays subsequent premiums of $1,500 on the policy. upon caleb's death, tyler receives the proceeds of $25,000.as a result, what amount is tyler required to include in his gross income?

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