16. Green, Inc.provides group term life insurance for all of its employees. The coverage equals twice the employeesannual salary. Sam, a vice-president, worked all year for Green, Inc., and received $200,000 of coverage for theyear at a cost to Green of $1,500. The Uniform Premiums (based on Sams age) are $.25 per month for $1,000 ofprotection. How much must Sam include in gross income this year? The answer is $450.