Janie, a widow, elected to receive the proceeds of a $100,00…
Janie, a widow, elected to receive the proceeds of a $100,000 face value insurance policy on the life of her deceased husband in ten annual installments of $11,900 each including interest (beginning last year). In the current year, she received $11,900, which included $1,900 interest. Janie dies in December of the current year after collecting the current year’s payment. What is the amount subject to income tax on her final tax return?
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