The annual increase in the cash surrender value of a life insurance policy: Oa. Is not...
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The annual increase in the cash surrender value of a life insurance policy: Oa. Is not included in gross income each year because of the substantial restrictions on gaining access to the policy's value. Ob. Reduces the deduction for life insurance expense. Oc. Must be included in gross income each year under the original issue discount rules. Od. Is taxed when the individual dies and the heirs collect the insurance proceeds. The annual increase in the cash surrender value of a life insurance policy: Oa. Is not included in gross income each year because of the substantial restrictions on gaining access to the policy's value. Ob. Reduces the deduction for life insurance expense. Oc. Must be included in gross income each year under the original issue discount rules. Od. Is taxed when the individual dies and the heirs collect the insurance proceeds.
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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