Irene's husband passed away this year. After his death, Irene received $250,000 of proceeds from life insurance on her husband, and she inherited her husband's stock portfolio worth $750,000. What amount must Irene include in her gross income?
A) $1 million.
B) $750,000.
C) $500,000.
D) Zero but only if Irene does not opt to receive the life insurance proceeds in a lump sum.
E) Zero - none of the above benefits is included in gross income
Correct Answer:
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