Multiple Choice
Moonglow, Inc., purchases a group-term life insurance plan for all its employees. Harold receives $250,000 of insurance for the current year at a cost to the company of $2,500. The IRS Table of Premium values indicates that premiums are $1.08 annually per $1,000 of protection. How much gross income does Harold have from the purchase of the life insurance by Moonglow, Inc.?
A) $216
B) $270
C) $2,000
D) $2,270
E) $2,500
Correct Answer:
Verified
Correct Answer:
Verified
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