Larry Sorich, as part of his estate planning, assigned his $100,000 group-term life insurance policy to his
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Larry Sorich, as part of his estate planning, assigned his $100,000 group-term life insurance policy to his niece.
Larry's employer provided for only $50,000 of coverage; therefore, the niece paid for the premiums on the supplemental insurance.
Larry did not include in gross income the premiums for the supplemental insurance.
Larry's accountant challenged him on this arrangement. Who prevailed? See Rev. Rul.
71-587, 1971-2 CB 89.
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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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