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Basic Federal Income Taxation: Gross Income: Annuities and Life Insurance Proceeds

This lesson will guide students in the proper calculations concerning the taxation of annuities and life insurance payments. Questions cover Internal Revenue Code section 72 and other related sections.

Learning Outcomes

On completion of the lesson, the student will be able to:

  1. Explain when annuity payments are included in gross income.
  2. Calculate the exclusion ratio under §72(b).
  3. Explain when death benefits are included in gross income.
  4. Explain when interest payments received on life insurance proceeds are taxable to a beneficiary.
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