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Question of the Day: CPA Exam
Jack Snell named his wife—Angelica—the beneficiary of a (face amount) life insurance policy. According to this policy, upon Jack's death, the proceeds would be paid to Angelica with interest over her current life expectancy. If Angelica's life expectancy was was calculated to be thirty years and she received a payment of from the insurance company, then what amount should she include in her gross income for that year?
Cannot be determined
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