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Richard is a key employee of Winn Corporation. The corporation provides Richard with $120,000 of group-term life insurance coverage. Only company executives receive life insurance

Richard is a key employee of Winn Corporation. The corporation provides Richard with $120,000 of group-term life insurance coverage. Only company executives receive life insurance coverage. The premium attributable to the coverage is $1,600. The uniform 1-month group-term premium is one dollar per $1,000 of coverage. How much must Richard include in income due to the policy?

A. 0

B 840

C 1,440

D 1,600

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