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Inc. paid all of the premiums for a $500,000 group-term life insurance policy on its 62-year-old President, Jacqueline. Assume that pursuant to the applicable table, the cost per $1,000 of protection for a 1-month period is $0.66 (for a person aged 60 to 64). What amount relating to the policy (if any) must be included in Jacqueline's Gross Income for the year (assume Jacqueline was covered for all twelve months)?

a. $500,000

b. $450,000

c. $3,564

d. $0

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Accounting Basics, Accounting

Category:- Accounting Basics
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