Bob owns a life insurance policy on which he is the insured. The policy beneficiary is his daughter. If Bob were to die today, which of the following statements is(are) true? I. Bob's daughter will owe income tax on the face value received. II. Bob will owe income tax on face value of the policy. III. The face value of the policy will be included in Bob's gross estate. IV. The face value of the policy will be considered a gift from Bob to his daughter. Question 37 options: a) III only b) III and IV only c) I and IV only d) II and III only e) I, III and IV only