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Hi Tech Accounting Services changed its fringe benefit package as of the first of this...

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Accounting

Hi Tech Accounting Services changed its fringe benefit package as of the first of this year. Employees are now eligible to receive group term life insurance equal to twice their annual salary up to $100,000. Harrys salary is $90,000 per year. Prior to this year employees received group term life insurance up to $50,000. Harry is 52 years of age and has adjusted gross income of $78,000. Does Harry suffer any tax consequences because of this change in policy?

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