A closely held C corporation purchased the $250,000 whole life insurance policy held by one of its officers, and named itself as beneficiary.The officer died in an airplane crash after the corporation had paid only $1,000 on her policy.If the deceased officer's basis in the policy was $10,000 at time of transfer to the corporation, the tax consequences to the corporation are

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The Answer of A closely held C corporation purchased the $250,000 whole life insurance policy held by one of its officers, and named itself as beneficiary.The officer died in an airplane crash after the corporation had paid only $1,000 on her policy.If the deceased officer's basis in the policy was $10,000 at time of transfer to the corporation, the tax consequences to the corporation are

A Closely Held C Corporation Purchased the $250,000 Whole Life