When a life insurance policy is surrendered, how does the cost recovery rule apply?
A) The policy's cost basis is taxable
B) The insurer withholds the cost basis
C) The entire cash value is taxable
D) The policy's cost basic is exempt from taxation
Ans: D) The policy's cost basic is exempt from taxation
Business
You might also like to view...
Generally speaking, an effective proposal can
A) follow the AIDA model. B) follow the plan for good-news messages. C) avoid the "you" attitude. D) be as vague as possible. E) rely entirely on primary evidence.
Business
Emergency trade measures imposed to protect domestic industry from a surge of imports are called ________
A. customs B. tariffs C. waivers D. safeguards
Business