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8. Which of the following is true concerning the gift of an existing life insurance policy in 2006? ,A. Jane owns a life insurance policy with a death benefit of $1 million; cash value of $50,000. Jane gives the policy to her son. The value of the taxable gift is $50,000. ,B. Jane owns a life insurance policy with a death benefit of $1 million; cash value of $50,000. Jane gives the policy to her son. The value of the taxable gift is $1 million. ,C. Jane owns a life insurance policy with a death benefit of $1 million; cash value of $50,000. Jane gives the policy to her 3 children. The total value of Jane’s annual exclusion gift is $36,000.,D. Jane owns a life insurance policy with a death benefit of $1 million; cash value of $50,000. Jane gives the policy to her 3 children. The value of the taxable gift is $50,000.,,

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