Multiple Choice
Greg is the owner and beneficiary of a $100,000 policy on the life of his mother.Greg gives the policy to his brother,Don.Don subsequently pays premiums of $40,000.Upon his mother's death,how much of the insurance proceeds must Don include in income?
A) $0
B) $40,000
C) $60,000
D) $100,000
Correct Answer:
Verified
Correct Answer:
Verified
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