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Brad owns a cash value life insurance policy. Last year, the cash value increased by $300. Brad ...

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Brad owns a cash value life insurance policy. Last year, the cash value increased by $300. Brad ...

Brad owns a cash value life insurance policy. Last year, the cash value increased by $300. Brad received $100 in policyowner dividends on the policy last year. Brad was the beneficiary named in his grandmother's $50,000 life insurance policy. When she died this past year, Brad received $50,000. How much taxable income relating to life insurance must Brad report for federal income tax purposes?
A) $0
B) $100
C) $400
D) $50,400

Textbook

Principles of Risk Management and Insurance

Edition: 12^th

Authors: Rejda, McNamara

Read 134 times

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JamesLu Author

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Honestly you're the best

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