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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$67500 upon the death

Willie purchased a whole life insurance policy on his brother, Benny. Under the policy, the insurance company will pay the named beneficiary$67500 upon the death of the insured, Benny. Willie names Tess the beneficiary, and upon Benny's death, Tess receives the proceeds of the policy,$67500. Identify the transfer tax implications of this arrangement. Required: a. At the time of purchase of the policy b. Upon Benny's death

a. Taxable gift made by Willie Taxable gift made by Benny b. Taxable gift made by Willie Taxable gift made by Benny

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