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Helene has a G2 whole life insurance policy with a face value of $500,000. The...

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Helene has a G2 whole life insurance policy with a face value of $500,000. The policy has a cash surrender value (CSV) of $80,000 and an adjusted cost basis (ACB) of $40,000. Helene decides to reduce the face value of her coverage to $300,000. Assuming Helene's marginal tax rate (MTR) is 40%, what would the tax liability be for reducing the face value of her policy? No tax liability $6,400 tax liability $12,800 tax liability $16,000 tax liability

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