Greg is the owner and beneficiary of a $100,000 policy on the life of his mother. Greg gives the policy to his brother, Don. Don subsequently pays premiums of $40,000. Upon his mother's death, how much of the insurance proceeds must Don include in income? 

A) $0 [TFV rule does NOT apply because the policy was not sold, it was a gift] 

B) $40,000 

C) $60,000 

D) $100,000

Answer rating: 100% (QA)

The answer is A 0 Here is the explanation In the United States under the tax law li... View the full answer