Question
Hiliary $100,000 life insurance is a modified endowment contract. she paid $15,000 in net premiums for the policy and the policy and the policies cash
Hiliary $100,000 life insurance is a modified endowment contract. she paid $15,000 in net premiums for the policy and the policy and the policies cash value at her death was $20,000. How much of the death if any must her beneficiary include in income for tax purposes because of the policies MEC status ?
A.$100,000
B.$85,000
C.$80,000
D.$ 0
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A modified endowment contract MEC is a life insurance policy where the premiums paid within the firs...
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
