Hiliary $100,000 life insurance is a modified endowment contract. she paid $15,000 in net premiums for the policy and the policy and the policies cash value at her death was $20,000. How much of the death if any must her beneficiary include in income for tax purposes because of the policies MEC status ? 

A.$100,000

B.$85,000 

C.$80,000

D.$ 0

Answer rating: 100% (QA)

A modified endowment contract MEC is a life insurance policy where the premiums paid within the firs... View the full answer