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TXX5761 Inc. paid all of the premiums for a $300,000 group-term life insurance policy on its 67-year-old President, Femi. Assume that pursuant to the applicable table, the cost per $1,000 of protection for a 1-month period is $1.27 (for a person aged 65 to 69). What amount relating to the policy (if any) must be included in Femi's Gross Income for the year (assume Femi was covered for all twelve months)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946546

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