connorkelley2473 connorkelley2473

18-10-2019
Social Studies

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Irene’s husband passed away this year. After his death, Irene received $250,000 of proceeds from life insurance on her husband, and she inherited her husband’s stock portfolio worth $750,000. What amount must Irene include in her gross income?
A. $1 million
B. $750,000
C. $500,000
D. Zero but only if Irene does not opt to receive the life insurance proceeds in a lump sum

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fatimakincsem fatimakincsem

24-10-2019

The correct answer would be option D.

Zero, but only if Irene does not opt to receive the life insurance proceeds in a lump sum.

Explanation:

Irene's husband left stock portfolio of worth $75000 and an insurance cover of $250000 after his death. Now Irene would not include a single penny in her gross income, because the inherited amounts and insurance covers don not include in the Gross Income.

Gross income is the aggregate of money earned through wages, salaries, profits, etc, before the taxes or any other deductions made on it. It does not include gifts, inheritance, insurance covers, etc, because these all sources of money are not earned. The money which is earned through working is included in the gross income category. So the option D will be the correct answer.

Learn more about Gross Income at:

https://brainly.com/question/10955397

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