Sharon transfers to Russ a life insurance policy with a cash surrender value of $27,000 and a face value of $100,000 in exchange for real estate. Russ continues to pay the premiums on the policy until Sharon dies 7 years later. At that time, Russ has paid $12,000 in premiums, and he collects the $100,000 face value. How much of the proceeds, if any, is taxable to Russ?

amount taxable = $61,000

Explanation:

given data

face value = $100,000

cash surrender value = $27000

time = 7 year

paid =  $12,000

solution

when policy is transfer here for for valuable consideration

amount taxable = amount collected - premiums Russ paid- consideration paid 1

put here value and we get

amount taxable = $100,000 - $27,000 - $12,000

amount taxable = $61,000

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