Business, 20.12.2019 21:31 bayleeharris8p78txa

The owner of a life insurance policy has decided to surrender the life insurance policy to the insurer. since inception of the life insurance contract, the owner has paid premiums of $100,000 and received cash policy dividends equal to $20,000. if at the surrender date, the owner receives a cash payment of $140,000 from the insurer, what is his gain/ loss subject to income tax on the life insurance policy?

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