Barbara Was the Legal Owner of a $100,000 Life Insurance

question 82

Multiple Choice

Barbara was the legal owner of a $100,000 life insurance policy on herself. Glenna is the stated beneficiary. Shortly before her death, Barbara transfers ownership of the policy to Glenna for $15,000. Glenna makes one premium payment in the amount of $1,000 before Barbara dies. Glenna subsequently receives the $100,000 life insurance proceeds. How much of the $100,000 is taxable to Glenna?

• A)$- 0 -
• B)$15,000
• C)$84,000
• D)$85,000
• E)$100,000

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Definitions:

Pollinators

Animals or insects that transfer pollen from one flower to another, facilitating plant reproduction.

Megaspore

A type of spore in some plants that develops into a female gametophyte, distinguished by being larger than other types of spores, such as microspores.

Female Gametophyte

The gamete-producing structure in plants and algae that develops into the female gamete.

Embryo Sac

Female gametophyte (megagametophyte) of flowering plants.