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Inc. paid all of the premiums for a $58,000 group-term life insurance policy on its 53-year-old President, Johanne. Assume that pursuant to the applicable table, the cost per $1,000 of protection for a 1-month period is $0.23 (for a person aged 50 to 54). What amount relating to the policy (if any) must be included in Johanne's Gross Income?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M977049

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