Sharon transfers to russ a life insurance policy with a cash surrender value of $48,800 and a face value of $146,400 in exchange for real estate. russ continues to pay the premiums on the policy until sharon dies 7 years later. at that time, russ has paid $21,960 in premiums, and he collects the $146,400 face value. how much of the proceeds, if any, is taxable to russ? why? since the policy was transferred for valuable consideration, the proceeds