Twenty college fraternity brothers each placed $2,500 in a mutual fund account.


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Twenty college fraternity brothers each placed $2,500 in a mutual fund account. 1 answer below » LO.1, 2 Twenty college fraternity brothers each placed $2,500 in a mutual fund account. They agreed that upon the death of a fraternity brother, his beneficiary would receive $20,000 that was to be paid from the mutual fund account. The beneficiary of the last remaining fraternity brother would receive the balance remaining in the account. The mutual fund did very well. Earl was the last to die, at age 92, and his beneficiary received $250,000. Can the $250,000 be excluded from the beneficiary’s gross income? Dec 10 2013 05:48 PM

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