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Willie purchased a whole life insurance policy on his brother, Benny. Under the policy, the insurance company will pay the named beneficiary $67,500 upon the
Willie purchased a whole life insurance policy on his brother, Benny. Under the policy, the insurance company will pay the named beneficiary $67,500 upon the death of the insured, Benny. Willie names Tess the beneficiary, and upon Benny's death, Tess receives the proceeds of the policy, $67,500. Identify the transfer tax implications of this arrangement Required: a. At the time of purchase of the policy. b. Upon Benny's death. (For all requirements, leave no answer blank. Enter zero if applicable.) 0 $ 0 3. Taxable gift made by Willie Taxable gift made by Benny 6. Toxable gift made by Willie Taxable gift made by Benny S 0 Alat
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