Your client owns a life insurance policy on his life. He has paid $6,800 in premiums, and
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Your client owns a life insurance policy on his life. He has paid $6,800 in premiums, and the cash surrender value of the policy is $30,000. He borrowed $30,000 from the insurance company, using the cash surrender value as collateral. He is considering canceling the policy in payment of the loan. He would like to know the tax consequences of canceling his policy.
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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