Paul Baker is a more-than-2 percent shareholder of Gemstone Brokers, Inc., an S Corporation. The corporation pays
Question:
Paul Baker is a more-than-2 percent shareholder of Gemstone Brokers, Inc., an S Corporation. The corporation pays the premium for Paul Baker’s personally owned disability income insurance contract. Which of the following is/are true?
I. Gemstone Brokers, Inc. can deduct the premium.
II. Benefits provided to Paul Baker under the disability income insurance contract will be income-tax free.
A. I.
B. II.
C. Both I and II.
D. Neither I nor II.
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The correct answer is D Neither I nor II When it comes to Paul Baker a morethan2 percent shareholder ...View the full answer
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