The annual policy premium of 12000 had been paid on january, Ask an Expert

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Damitria transfers her rights in a $100,000 insurance policy on June 1 to Tremayne. The policy has a cash value of $9,000 and an interpolated terminal reserve of $8,500. The annual policy premium of $12,000 had been paid on January 1. Damitria's gift (before the annual gift tax exclusion) to Tremayne is:

a.$8,500

b.$9,000

c.$15,500

d.$20,500

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409886

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