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Joe, Mike, Donna and James own Who Is Me, LLC. The value of the company is $2,000,000 and each member owns a 25% share. They

Joe, Mike, Donna and James own Who Is Me, LLC. The value of the company is $2,000,000 and each member owns a 25% share. They are all interested in having a buy/sell agreement funded by life insurance. If they use a gross-purchase type agreement, how many policies will they need to have?

1. 1.

2. 4.

3. 12.

4. 16.

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