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1 page/β‰ˆ275 words
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Subject:
Accounting, Finance, SPSS
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Essay
Language:
English (U.S.)
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Topic:

Tax And Cash Surrender: Value Of A Life Insurance Policy

Essay Instructions:

Individual Taxation
Research Assignment #2
Nina owed Allison $10,000. In payment of this debt, Nina transferred to Allison a life insurance policy with a cash surrender of value of $10,000. The face value of the policy is $150,000. Allison names herself as beneficiary of the policy and continues to pay the premiums. After paying $20,000 in premiums, Nina dies and Allison collects the $150,000 face value of the policy. Allison would like to know if there are any tax consequences as a result of this series of events. Please write up your response in tax memo form (Facts, Issues, Law, Conclusion, Analysis).

Essay Sample Content Preview:
Tax Research Name Institution Date Date: March 20, 2018 Reviewer: Subject: Tax and cash surrender Value of a Life Insurance Policy Facts Nina owed Alison $ 10,000 and transferred $ 10,000 life insurance policy to settle the debt the policy had a cash transfer value (CVS) of $ 10,000. The face value was $ 150,000 while premiums paid was $20,000. Nina died and Allison wants to determine the tax treatment for surrender and face va...
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