Question 2. 2. (TCOs 2, 8, and 9) Trigger Inc. provides group-term life insuranc

Question

Question 2. 2. (TCOs 2, 8, and 9) Trigger Inc. provides group-term life insurance only to the officers of the corporation. Carlota, a vice president, received $250,000 of coverage for the year at a cost to Trigger Inc. of $1,600. The uniform premiums (based on Carlota's age) are $6 a year for $1,000 of protection (i.e., $1,500 for Carlota). How much must Carlota include in gross income this year?
(Points : 5)

       $0
       $1,200
       $1,500
       $1,600
       None of the above

Question 2. 2. (TCOs 2, 8, and 9) Trigger Inc. provides group-term life insurance only to the officers of the corporation. Carlota, a vice president, received $250,000 of coverage for the year at a cost to Trigger Inc. of $1,600. The uniform premiums (based on Carlota's age) are $6 a year for $1,000 of protection (i.e., $1,500 for Carlota). How much must Carlota include in gross income this year?
(Points : 5)

Explanation / Answer

Answer:

$1,200

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