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Green Company purchased a

$1

million life insurance policy on the company's chief executive officer, Howar nondeductible premiums, Howard died and the company collected the

$1

million face amount of the policy. on all its employees. Howard's widow, Agnes, received

$50,000

proceeds from the group-term life insurance\ Green Company and Agnes can exclude the life insurance proceeds of

$1,000,000

and

$50,000

respectively from gros Green Company can exclude

$700,000($1,000,000-$300,000)

from gross income, but Agnes must include

$50,000

Green Company must include

$700,000($1,000,000-$300,000)

in gross income and Agnes must include

$50,000

is Agnes cannot exclude the life insurance proceeds of

$50,000

.\ None of the choices is correct

Green Company purchased a $1 million life insurance policy on the company's chief executive officer, Howa nondeductible premiums, Howard died and the company collected the $1 million face amount of the policy. on all its employees. Howard's widow, Agnes, received $50,000 proceeds from the group-term life insuranc Green Company and Agnes can exclude the life insurance proceeds of $1,000,000 and $50,000 respectively from gro: Green Company can exclude $700,000($1,000,000 - $300,000) from gross income, but Agnes must include $50,000 Green Company must include $700,000($1,000,000$300,000) in gross income and Agnes must include $50,000 Agnes cannot exclude the life insurance proceeds of $50,000. None of the choices is correct

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