Greg Is the Owner and Beneficiary of a $100,000 Policy

question 18

Multiple Choice

Greg is the owner and beneficiary of a $100,000 policy on the life of his mother.Greg gives the policy to his brother,Don.Don subsequently pays premiums of $40,000.Upon his mother's death,how much of the insurance proceeds must Don include in income?

• A)$0
• B)$40,000
• C)$60,000
• D)$100,000

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Definitions:

Temporal Lobes

Regions of the brain located beneath the temples, crucial for processing auditory information and involved in managing memory and emotions.

Occipital Lobes

The region of the brain located at the back of the head, responsible for receiving and processing visual information.

Earlier Substance Use

Refers to the initiation of consuming substances like alcohol or drugs at an early age, which can have negative impacts on health and development.

Higher Rates of Divorce

An increase in the proportion of marriages that end in divorce, often considered indicative of changes in societal attitudes or conditions.