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Kell Corp. Income statement for the current year Sales 9 0 0 , 0 0 0 Cost of sales 6 0 0 , 0 0
Kell Corp.
Income statement for the current year
Sales
Cost of sales
Gross margin
Operating expenses
Operating income
Other income:
Gain on sale of investments
Life insurance policy proceeds
Dividends
Total
Other expense:
Contributions
Income before income tax
Included in Kell's operating expenses were the following life insurance premiums:
Term life insurance premiums paid on the
life of Kell's controller, with Kell as
owner and beneficiary of policy
Groupterm life insurance premiums paid on
employees' lives, with the employees' dependents
as owners and beneficiaries of the policies
In its current year income tax return, what amount should Kell deduct for life insurance premiums?
A
$
B
$
C
$
D
$
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