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Which one of the following statements correctly describes the tax consequence of group permanent life...

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Accounting

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Which one of the following statements correctly describes the tax consequence of group permanent life insurance coverage provided on a noncontributory basis by an employer? The employee is taxed on the full cost of employer-paid coverage. The employee is subject to tax on the cost of coverage in excess of $50,000. No income tax consequence results to the employee because the coverage is nondiscriminatory. The employee is subject to tax on the cost of coverage up to $50,000

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