McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 12

Gray's employer is now offering group-term life insurance.The company will provide each employee with $100,000 of group-term life insurance.It costs Gray's employer $300 to provide this amount of insurance to Gray each year.Assuming that Gray is 52 years old, determine the monthly premium that Gray must include in income as a result of receiving the group-term life benefit