C was recently diagnosed with a rare liver disorder and has been certified by his medical doctor, on June 1 of the current year, as terminally ill.C immediately resigned from his sales position with IBM and, on July 1 of the current year, sold his life insurance policy with a face value of $300,000 to a viatical "settlement provider" (VSP) for $240,000.Assuming C paid $30,000 in premiums, how much of the $240,000 proceeds must he include in his gross income for the current year?

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The Answer of C was recently diagnosed with a rare liver disorder and has been certified by his medical doctor, on June 1 of the current year, as terminally ill.C immediately resigned from his sales position with IBM and, on July 1 of the current year, sold his life insurance policy with a face value of $300,000 to a viatical "settlement provider" (VSP) for $240,000.Assuming C paid $30,000 in premiums, how much of the $240,000 proceeds must he include in his gross income for the current year?

C Was Recently Diagnosed with a Rare Liver Disorder and Has