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An employer provides each of its employees with life insurance protection equal to four times the employee's annual salary. Erin, who is 31, has an

An employer provides each of its employees with life insurance protection equal to four times the employee's annual salary. Erin, who is 31, has an annual salary of $45,000. Is Erin required to recognize income even though she is still alive at the end of the year and thus nothing has been collected on the life insurance policy?

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Round answers to the nearest cent.

If the coverage exceeds $____, the employee must include in gross income the_____ on the protection above this amount. Therefore, Erin includes $______.

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