Two business partners, Dylan and Billy, created a buy-sell agreement with a cross-purchase funded with a life insurance arrangement. Each partner purchased a life insurance policy on the other partner's life. If Billy dies, which of the following is/are true?

A) The death benefit of the life insurance policy on Billy's life, owned by Dylan, is excluded from Billy's federal gross estate.

B) The value of the death benefit on Dylan's life, owned by Billy, is included in Billy's federal gross estate.

C) The death benefit of the life insurance policy on Billy's life will be payable to Billy's estate.

D) Assume Dylan dies before Billy. The death benefit of the life insurance policy on Billy's life, owned by Dylan, is included in Dylan's federal gross estate if Dylan owns 50% or more of the company's stock.