Hello, I have some questions about finance ( life insurance ) please help me to

Question

Hello, I have some questions about finance ( life insurance ) please help me to answer them as soon as possible

26) which of the following gifts is a taxable gift ?

A- gift from wife to husband

b- you dad pays your medical bill to the hospital where you stay for 1 week

c- you Mom buys your brand new BMW ACTIVEHYBRID X6, which is worth more than 40,000 as your birthday gift

d- you brother pay your annuity premium which is $ 2000 a year.

27) Which following about federal estate tax and gift tax is Not correct?

A- gift tax is paid by the gift receiver

B- federal estate tax is due 9- month after the death

c- the property leaving to the spouse is not subject to federal estate tax

d- if all of the above is correct. Please choose D.

28) U.S life and health insurance are taxed by the federal and state governments. Federal taxation is based on insurers’ net income. In MN, the state primarily taxes insurers on premium income.

A- True

B- False

29) In Minnesota the premium tax rate is same for life insurance premium and health insurance premium

A- True

B- False

30) In federal income tax estimation , which of the following is not an allowable seduction?

A- General expenses

B- Contributions to employees’ benefit

c- Increase in policy reserves

d- Dividends distributed to shareholder

Explanation / Answer

Question 26). Answer :- Option c). Your mom buys your brand new BMW ACTIVEHYBRID X6, which is worth more than 40,000 as your birthday gift.

Question 27). Answer:- Option c). The property leaving to the spouse is not subject to the federal estate tax.

Question 28). Answer :- Option A). True.

Question 29). Answer :- Option B). False.

Question 30). Answer :- Option d). Dividends distributed to shareholder.

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