Jeff Jenson, age 50, was employed as a CFO of Johnson Corporation. In addition to his salary of $600,000, Johnson Corporation provided the following benefits to Jeff in 2015: Health insurance policy the cost of which totaled $20,000 Group term life insurance of $60,000. The cost of the policy was $1,000. Jeff is a key employee and the plan is discriminatory. Qualified defined benefit retirement plan contribution of $40,000. Jeff did not contribute to the defined benefit retirement plan. Johnson Corporation paid $3,000 for Jeffs professional dues and subscriptions. Jeff was reimbursed 100% of business travel costs through an accountable plan, which include $7,000 of travel and lodging, and $2,000 of business meals and entertainment. Ignoring payroll taxes, what is the total amount deductible by Johnson Corporation for federal income tax purposes and how much must Jeff include in gross income? Question 3 options: 1) Johnson Corporation's deduction: $672,000 Jeff must include in gross income: $601,000 2) Johnson Corporation's deduction: $673,000 Jeff must include in gross income: $601,000 3) Johnson Corporation's deduction: $673,000 Jeff must include in gross income: $601,656 4) Johnson Corporation's deduction: $672,000 Jeff must include in gross income: $601,656 5) Johnson Corporation's deduction: $676,000 Jeff must include in gross income: $600,000