Twenty years ago, Mr. Wallace purchased a $250,000 insurance policy on his own life and named his daughter as sole beneficiary. He has paid $14,250 total premiums to keep this policy in force. This year, he liquidates the policy for its $20,000 cash surrender value. Which of the following statements is true?A) Mr. Wallace recognizes $5,750 capital gain on the liquidation. B) Mr. Wallace recognizes $5,750 ordinary income on the liquidation. C) Mr. Wallace recognizes no gain on the liquidation. D) Mr. Wallace recognizes $20,000 ordinary income on the liquidation.
Answers: 2
Business, 22.06.2019 01:30
Juwana was turned down for a car loan by a local credit union she thought her credit was good what should her first step be
Answers: 1
Business, 22.06.2019 08:30
Match each item to check for while reconciling a bank account with the document to which it relates.(there's not just one answer)1. balancing account statement2. balancing check registera. nsf feesb. deposits in transitc. interest earnedd. bank errors
Answers: 2
Business, 22.06.2019 11:00
Alocal barnes and noble bookstore ordered 80 marketing books but received 60 books. what percent of the order was missing?
Answers: 1
Business, 22.06.2019 11:00
Which ranks these careers that employers are most likely to hire from the least to the greatest?
Answers: 2
Twenty years ago, Mr. Wallace purchased a $250,000 insurance policy on his own life and named his da...
Biology, 15.04.2020 03:53
Mathematics, 15.04.2020 03:53
History, 15.04.2020 03:53