Miranda Is Not a Key Employee of AB Corporation

question 99

Multiple Choice

Miranda is not a key employee of AB Corporation.AB provides Miranda with group term life insurance coverage of $140,000.The premiums attributable to the excess coverage are $1,300.The uniform one-month group-term premium is one dollar per $1,000 of coverage.How much must Miranda include in income?

• A)$0
• B)$1,080
• C)$1,300
• D)$1,680

---

Definitions:

Flash Drive

A portable storage device that uses flash memory and can be connected to a computer through a USB port.

Executable File

A type of computer file that, when opened, instructs the operating system to perform specific actions or run a program.

Nonvolatile

Referring to a type of computer memory that retains data even when the power is turned off.

ROM

Read-Only Memory, a type of non-volatile storage that is used to store firmware or software that is rarely changed or updated.