Beverly died during the current year. At the time of her
Beverly died during the current year. At the time of her
Beverly died during the current year. At the time of her death, her accrued salary and commissions totaled $3,000 and were paid to her husband. Beverly’s spouse collected her interest in the employer’s qualified profit sharing plan amounting to $30,000. The employer also paid $35,000 which represented an amount equal to Beverly’s salary for the year prior to her death. The employer had a policy of making the salary payments to “help out the family in the time of its greatest need.” As beneficiary of his wife’s life insurance policy, Beverly’s spouse elected to collect the proceeds in installments. In the year of death, he collected $8,000 which included $1,500 interest income. Which of these items are subject to income tax?
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