7. 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