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total dividends received to date on the life insurance policy do not exceed cumulati 624103

Jack and Joan Mitchell, married taxpayers and residents of a separate property state, elect to file a joint return for 2007 during which they received the following dividends:

Received by

Jack

Joan

Alert Corporation (a qualified, domestic corporation)

$400

$ 50

Canadian Mines, Inc. (a Canadian company)

300

Eternal Life Mutual Insurance Company (dividends on life insurance policy)

200

Total dividends received to date on the life insurance policy do not exceed cumulative premiums paid. For 2007, what amount should the Mitchells report on their joint return as dividend income?

  1. $550
  2. $600
  3. $750
  4. $800

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