A Business Provides $45,000 of Group-Term Life Insurance to All

question 68

True/False

A business provides $45,000 of group-term life insurance to all workers,including the partners who work in the business.All of the workers can exclude the value of this fringe benefits from their gross income.

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Definitions:

Secretary of State

An official in the federal and state governments who is responsible for keeping records, managing governmental documents, and often overseeing elections.

Consolidations

The process of combining two or more entities into one, in terms of financial statements, companies, or assets.

Joining of the Businesses

The joining of the businesses typically refers to the process where two or more companies come together to form a partnership, merger, or acquisition, combining resources for shared goals.

Skateboards

A narrow plank of wood mounted on wheels, used for recreational activity and transportation, typically steered by a rider's balance.