Answer Happy

Required information [The following information applies to the questions displayed below.] This year, Janelle received $260,000 in life insurance proceeds. Under the following scenarios, how much of the $260,000 is taxable? (Leave no answer blank. Enter zero if applicable.) a. Janelle received the proceeds upon the death of her father, Julio. Taxable amount

b. Janelle received the $260,000 proceeds because she was diagnosed with colon cancer (life expectancy of six months), and she needed the proceeds for her care. Taxable amount