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Ryan decided to cancel his $300,000 level-term insurance policy. Which statement is true? A.John has a taxable gain of 10% B.John has a taxable gain

Ryan decided to cancel his $300,000 level-term insurance policy. Which statement is true?

A.John has a taxable gain of 10%

B.John has a taxable gain of $2,500

C.John would have no taxable gain

D.John would only have a taxable gain if he died while the contract was in force

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