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Sagot :
Based on the information given, it should be noted that all proceeds are income tax free in the year that they're received.
What is tax?
A tax simply means a compulsory levy that's paid by the people or companies to the government. It's important to achieve economic development.
For federal tax purposes regarding lump-sum life insurance benefits, it should be noted that all proceeds are income tax free in the year that they're received.
Learn more about tax on:
https://brainly.com/question/9437038
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