Harold Biggs Is Provided with $200,000 Coverage Under His Employer's

Harold Biggs is provided with $200,000 coverage under his employer's group-term life insurance plan. Which of the following statements is true?

A) The value of the cost of $50,000 coverage is included in Harold's gross income.
B) The value of the cost of $150,000 coverage is included in Harold's gross income.
C) The value of the cost of $200,000 coverage is included in Harold's gross income.
D) Harold's life insurance coverage is a nontaxable fringe benefit.

Correct Answer:

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