Alice sold a life insurance contract and collected $$7,000$ in cash in premiums on the day she sold the contract. The following day, she collected $$6,000$ in cash from the same client for deposit in the same contract. Alice would have to do which of the following?

A$)$ She would have to return the money and tell the client that she cannot sell a modified endowment contract.

B$)$ She would have to see if the contract passes the IRS $7-$pay test.

C$)$ Based on the $24-$hour time frame and the total deposit of $$13,000,$ she would have to file IRS Form $8300.$

D$)$ She would have to tell the insured that this policy may be declared a modified endowment contract $($MEC$)$ and be subject to a different tax structure