Steve is the benefitiary of a $150,000 insurance policy on the life of his mother, Marie. To date, Marie has pad premiums of $30,000. What amount of gross income must be reported in each case? Marie elects to cancel the policy and receives $115,000, the cash surrender fvalue of the policy. Marie dies and Steve receives the face amount of the policy, $150,000. Marie dies and Steve elects to receive $41,500 per year for four years.