The owner of a life insurance policy has decided to surrender the life insurance policy to the insurer. since inception of the life insurance contract, the owner has paid premiums of $100,000 and received cash policy dividends equal to $20,000. if at the surrender date, the owner receives a cash payment of $140,000 from the insurer, what is his gain/ loss subject to income tax on the life insurance policy?

During a liquidation, a partner's capital account balance drops below zero. what should happen? select one: a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses. b. the partner with a deficit should contribute enough assets to offset the deficit balance if he is solvent. c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent. d. both b & c