Charles has a universal life policy with cash values of $52,000. He is thinking of surrendering his policy, but he is dvised by one of his co-workers that he should check if there would be any tax implications. He calls his insurance agent Pablo for clarification. Pablo advises him that the ACB on his policy is $24,000. Which of the following statements will be applicable in Charles' situation? Select one: a. He will have to pay a minimum tax on the proceeds of disposition and the insurance company will figure this out for him. b. Charles will only have to pay taxes on $24,000 at his marginal tax rate. c. It does not matter, he can surrender his policy and receive $52,000 without any tax implications. d. There will be a policy gain of $28,000 and 100% of this is taxable at his marginal tax rate