TriStar Industries was recently denied the deduction of the life insurance premiums on the life insurance policies of the key executives on its annual tax return. Which of the following general limitations to business profit determination best describes the reason for the Canada Revenue Agency's decision?

Question $5$Select one:

a$.$

Personal$-$expense test

b$.$

Exempt$-$income test

c$.$

Insurance proceeds exemption

d$.$

Reserve test