The owner of a Life InsuranceThe owner of a Life Insurance policy with a cash surrender value of $70,000 and an adjusted cost base of $40,000. decides to take a Loan of $25,000 from the Plan to deal with some overdue renovations on their house. Realizing that they require more funds for the renovations an additions Policy loan for $20,000 is processed. After receiving the funds for the second loan, how much will be the taxable income consequences that result from taking the second loan against the policy. Please round your answer to the nearest dollar, and do not use any symbols (i.e.: dollar sign, comma, or a decimal in your answer). For example: if your answer is $1,820.50 then it should be input as 1821 policy with a cash surrender value of $70,000 and an adjusted cost base of $40,000. decides to take a Loan of $25,000 from the Plan to deal with some overdue renovations on their house. Realizing that they require more funds for the renovations an additions Policy loan for $20,000 is processed. After receiving the funds for the second loan, how much will be the taxable income consequences that result from taking the second loan

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ANSWER IS To calculate the taxable income consequences resulting from taking ... View the full answer