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Mr. Jones owns a single premium life policy that fails the seven pay test. The single premium amount was $100,000, and the policy has a

Mr. Jones owns a single premium life policy that fails the seven pay test. The single premium amount was $100,000, and the policy has a cash value of $110,000. If Mr. Jones takes a policy loan of $15,000, how much of the loan will be taxed? Question 21 options: a) $10,000 b) $0 c) $110,000 d) $15,000

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