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20. Which of the following statements concerning an entity purchase agreement...

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Accounting

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20. Which of the following statements concerning an entity purchase agreement are corre (1) The premiums paid for the life insurance policies are deductible by the corporation. (2) The owners might be required to use an entity purchase agreement when one owner cannot afford to make the premium payments for life insurance on another owner. A trustee should be used to reduce the large number of life insurance policies needed and still achieve the step up in basis for surviving owners. (A) (1) and (3) only (B) (2) only (C) (2) and (3) only (D) (1), (2), and (3) (3)

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