Sean is 42 years old. His employer provides him with $300,000 of group term life insurance as
Question:
Sean is 42 years old. His employer provides him with $300,000 of group term life insurance as a fringe benefit. The policy costs his employer $40 per month. For tax purposes, how much income does Sean have if?
a. The benefit is provided on a nondiscriminatory basis?
b. The benefit discriminates in favor of key employees, but Sean is not a key employee?
c. The benefit discriminates in favor of key employees and Sean is considered a key employee?
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Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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