Sharon transfers to Russ a life insurance policy with a cash surrender value of $30,000 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 $14,000 in premiums, and he collects the $100,000 face value. How much of the proceeds, if any, are taxable to Russ?

$56,000

Explanation:

When a life insurance policy is transferred the taxable amount at death is the value of proceeds that the policy gives less the Cash surrender value and the premiums that have already been paid by the formula;

Taxable Proceeds = Total Proceeds received - (Cash Surrender Value + Premiums paid)

Taxable Proceeds = 100,000 - (30,000 + 14,000)

Taxable Proceeds = $56,000

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