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Phillip, who is 35 years old, receives group-term life insurance coverage of $75,000 and contributes $25 per year on an after-tax basis toward the premium

Phillip, who is 35 years old, receives group-term life insurance coverage of $75,000 and contributes $25 per year on an after-tax basis toward the premium cost. What is his annual taxable income for this benefit?

a. $74 b. $99 c. $33 d. $2

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