Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: * excluded from gross income.part of gross income whether the beneficiary is revocable or irrevocable.part of gross income if the beneficiary is irrevocable.none of the above

Generally life insurance proceeds you receive as beneficiary due death of the insured person, are…

Answered: Amount receivable by the estate of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Amount receivable by the estate of the deceased, his executor or administrator as a beneficiary under policy taken by the decedent upon his own life is: *

excluded from gross income.
part of gross income whether the beneficiary is revocable or irrevocable.
part of gross income if the beneficiary is irrevocable.
none of the above

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