Cameron Is the Owner and Beneficiary of a $300,000 Policy

question 43

Multiple Choice

Cameron is the owner and beneficiary of a $300,000 policy on the life of his mother.Cameron sells the policy to his brother,Parker,for $100,000.Parker subsequently pays premiums of $55,000.Upon his mother's death,how much of the insurance proceeds must Parker include in income?

• A)$0
• B)$55,000
• C)$145,000
• D)$300,000

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