Nick owns 100% of Times Up Corporation, a firm that designs and builds one-of-a-kind watches and timepieces, in addition to several sales and administrative staff, the firm also employs Hannibal as its main watchmaker and craftsman. Hannibal is a world famous and highly sought after designer. After several celebrities have been seent wearing Times Up watches, orders have increased significantly and the company is growing rapidly. Nick understand that if something were to happen to Hannibal, it would be a significant loss to Times Up. Nick wants to ensure that the company is adequately protected. Given Nick's circumstances, which of the following statements is CORRECTI Key person insurance would not be available for Hannibal because he is not a shareholder in the corporation. A split-dollar insurance arrangement could be used to have the face value of the insurance owned by the company and allow for the cash value to accrue for Hannibal's benefit. Nick should consider the purchase of criss-cross insurance to fund an appropriate buy sell agreement. As the sole owner of the business, there would be no major taxable event arising from Times Up on Nick's deaths