Your client, Ning, is deciding whether he should transfer his whole life policy purchased in 1999 to his wife Melyssa. Ning's adjusted cost basis (ACB) is $72,000 and his cash surrender value (CSV) is $96,000. His calculations show that she should pay him $20,000 to minimize tax consequences. Which of the following statements concerning the assignment of Ning's policy to his spouse Melyssa is correct?
a)		Nings proceeds will be $20,000
b)		Nings proceeds will be $24,000
c)		Nings loss of $4,000 will be denied
d)		Nings policy gain will be $0