IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $100,000. The imputed cost of coverage in excess of $100,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.

TURE OR FALSE