Marlene purchased a universal life policy on her own life. Marlene after 10 years, Marlene changed the life insured to her son's life. At the policy had a cash surrender value of $54,000 and an ACB of $20,000. She gave the policy to her son. This transfer is eligible for the rollover to the child.

What is Marlene's taxable income?

Answer rating: 100% (QA)

To determine Marlenes taxable income resulting from the transfer of the un... View the full answer