Glen carries a $125,000 insurance policy on his life. Premiums paid over the years total $6,000. Dividends on the policy have totaled $4,000. Glen has left the dividends on the policy with the insurance company. During the current year, the insurance company credited $1,500 of interest on the accumulated dividends to Glen's account Requirements a. How much income is Glen obligated to report in connection with the policy? b. Would it make any difference if the accumulated dividends equaled $8,000 instead of $4,000? Requirement a. How much income is Glen obligated to report in connection with the policy? Glen would report only the interest $1,500 as taxable income. Requirement b. Would it make any difference if the accumulated dividends equaled $8,000 instead of $4,000? Glen would be taxed on rates available to recipients of corporate dividend distributions. The total taxable amount is The amount for the lower tax