Ben Became Disabled at the End of Last Year

question 32

Multiple Choice

Ben became disabled at the end of last year.In January of the current year, he began to receive $1,500 per month disability payments from a policy that he held through his employer.His employer paid $25 of the monthly premium for the policy and Ben paid $50.How much must Ben include in income in the current year for the disability payments?

• A)$600
• B)$1,500
• C)$6,000
• D)$12,000

---

Definitions:

Securities And Exchange Commission

A U.S. federal agency responsible for enforcing federal securities laws, proposing securities rules, and regulating the securities industry, stock and options exchanges, and other related activities and organizations.

Registration Statement

A set of documents filed with a regulatory agency, such as the Securities and Exchange Commission, detailing the specifics of a proposed business offering.

Effective Date

The date on which an agreement, policy, or regulation becomes operative and enforceable.

Registration Statement

A set of documents, including financial statements and a prospectus, filed with a regulatory body to publicly disclose the details of an upcoming securities offering.