Under which of the following circumstances might life insurance proceeds be included in gross income? (check all that apply)
1.) when the proceeds of the policy are paid to the beneficiary in one lump sum
2.) when a life insurance policy is transferred to another party for valuable consideration
3.) when a life insurance policy is cash out by the insured before death and if the proceeds exceed premiums paid
4.) when the beneficiary of a life insurance policy is NOT related to the insured
