38. Correctly cite the italicized sentence indicated by the dart () in the following passage from the code. SECTION 79. GROUP-TERM LIFE INSURANCE PURCHASED FOR EMPLOYEES. (a) General rule. There shall be included in the gross income of an employee for the taxable year an amount equal to the cost of group-term life insurance on his life provided for part or all of such year under a policy (or policies) carried directly or indirectly by his employer (or employers); but only to the extent that such cost exceeds the sum of (1) the cost of $50,000 of such insurance, and (2) the amount (if any) paid by the employee toward the purchase of such insurance. (b) Exceptions. Subsection (a) shall not apply to (1) the cost of group-term life insurance on the life of an individual which is provided under a policy carried directly or indirectly by an employer after such individual has terminated his employment with such employer and is disabled (within the meaning of section 72(m)(7)), (2) the cost of any portion of the group-term life insurance on the life of an employee provided during part or all of the taxable year of the employee under which (A) the employer is directly or indirectly the beneficiary, or (B) a person described in section 170(c) is the sole beneficiary, for the entire period during such taxable year for which the employee receives such insurance,