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Tom is 68 years old. His employer pays the premiums for group term life insurance...

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Accounting

Tom is 68 years old. His employer pays the premiums for group term life insurance coverage of $110,000. The cost for Tom's coverage is $3,000.

If the plan providing this coverage is nondiscriminatory and Tom is not a key employee, how much gross income does Tom have?

How does your answer to (a) change if Tom is a key employee?

If the plan is discriminatory, but Tom is not a key employee, what is Tom's gross income?

How does your answer to (c) change if Tom is a key employee?

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