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Grace's employer offers group-term life insurance as a fringe benefit. The company provides each employee with $200,000 of group-term life insurance. It costs Grace's employer

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Grace's employer offers group-term life insurance as a fringe benefit. The company provides each employee with $200,000 of group-term life insurance. It costs Grace's employer $700 to provide this amount of insurance to Grace each year. Grace is 43 years old. What amount of taxable income does Grace recognize this year for the fringe benefit? Multiple Choice $0 $180 O $700 O $240

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