Jacob is 69 years old and elects group-term life insurance of $200,000. The employer pays 60 percent
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Jacob is 69 years old and elects group-term life insurance of $200,000. The employer pays 60 percent of the cost of the life insurance plan; and employees pay at a uniform rate of $0.35 per $1,000 per month to cover the other 40 percent of the plan cost. How much, if any, would Jacob have to include in his gross income?
a. $2,286
b. $1,446
c. $1,372
d. $914
e. $2,236
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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