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Willie purchased a whole-life insurance policy on his brother, Benny. under the policy, the insurance company will pay the named beneficiary $100,000 upon the death of the insured, benny. Willie names Tess the beneficiary, and upon Benny's death, Tess receives the proceeds of the policy, $100,000. Identify and discuss the transfer tax implications of this arrangement.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9417993

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