The architectural firm of Wright, Lloyd & Frank is operated as a professional corporation. It only provides medical insurance to its four senior architects, who own all of the stock of the corporation. The firm also employs six junior architects, six drafters, and six administrative assistants. Last year the firm paid $2,800 of medical insurance premiums for each of the senior architects but did not provide any medical coverage for junior architects or for any of the other employees. How much gross income, if any, do the senior architects have as a result of the insurance coverage?

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The gross income for the senior architects resulting from the insurance coverage i... View the full answer