Life insurance proceeds are treated as a gain for accounting purposes when the cash is received. For tax purposes, the proceeds are never taxed. Required: Which of the following items is correct? Select one: O a. This item can result in a deferred tax asset. O b. This item can result in a deferred tax liability. O c. This item can result in either a deferred tax asset or a deferred tax liability. O d. This item does not result in a deferred tax asset or a deferred tax liability