What is marlenes taxable income

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Reference no: EM133661668

Question: Marlene purchased a universal life policy on her own life. After 10 years, Marlene changed the life insured to her mature son's life. At the time of the change, the policy had a cash surrender value of $54,000 and an ACB of $20,000. She gave the policy to her son. This transfer is eligible for the rollover to the child. What is Marlene's taxable income?

Reference no: EM133661668

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