$5,000.25 $1,750.14 $7,500.00 $2,475.00 Kylie owns a life insurance policy that was last acquired after December...
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$5,000.25 $1,750.14 $7,500.00 $2,475.00 Kylie owns a life insurance policy that was last acquired after December 1, 1982, and is therefore subject to the new rules. The policy has a face value of $600,000. The ACB is $80,000, and the CSV is $105,000. Kylie has decided to reduce the face value to $200,000, which is considered to be a deemed disposition/partial surrender of the policy. Assuming she is in a 30% marginal tax bracket, how much in taxes would Kylie owe? $5,000.25 $1,750.14 $7,500.00 $2,475.00 Kylie owns a life insurance policy that was last acquired after December 1, 1982, and is therefore subject to the new rules. The policy has a face value of $600,000. The ACB is $80,000, and the CSV is $105,000. Kylie has decided to reduce the face value to $200,000, which is considered to be a deemed disposition/partial surrender of the policy. Assuming she is in a 30% marginal tax bracket, how much in taxes would Kylie owe?
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
Posted Date:
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