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Rocket Co, an S corporation, pays single coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip's behalf,

Rocket Co, an S corporation, pays single coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip's behalf, Rocket pays Philip's family coverage under the health insurance plan. What amount of insurance premiums is includible in Philip's gross income?

$17,000

$170

$17

$0

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