Fox Corporation provides Luke, age 58, with $370,000 of group term life insurance coverage. Luke must include in income what

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 40P
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B3.

 

Fox Corporation provides Luke,
age 58, with $370,000 of group
term life insurance coverage. Luke
must include in income what
amount?
a. $ 159.10
b. $1,909.20
c. $137.60
d. $1,651.20
e. None of the answers provided
is correct.
can you please provide an
explanation with the answer!
Transcribed Image Text:Fox Corporation provides Luke, age 58, with $370,000 of group term life insurance coverage. Luke must include in income what amount? a. $ 159.10 b. $1,909.20 c. $137.60 d. $1,651.20 e. None of the answers provided is correct. can you please provide an explanation with the answer!
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