Richard Is a Key Employee of Winn Corporation

question 1118

Multiple Choice

Richard is a key employee of Winn Corporation. The corporation provides Richard with $120,000 of group- term life insurance coverage. Only company executives receive life insurance coverage. The premium attributable to the coverage is $1,600. The uniform one- month group- term premium is one dollar per $1,000 of coverage. How much must Richard include in income due to the policy?

• A) $1,600
• B) $840
• C) $0
• D) $1,440

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Definitions:

Radiation Sickness

Illness and symptoms resulting from excessive exposure to ionizing radiation, affecting the body's cells and potentially leading to severe health issues.

Toxic Tort

A civil wrong arising from exposure to a toxic substance, such as asbestos, radiation, or hazardous waste.

Environmental Protection Agency

A U.S. federal agency responsible for managing and enforcing national pollution control and environmental laws and regulations.

Chemical Compound

A substance composed of two or more elements chemically bonded together in a fixed proportion.