Harold Biggs is provided with $200,000 coverage under his employer's group-term life insurance plan. Which of the following statements is true?
A) The value of $50,000 coverage is included in Harold's gross income.
B) The value of $150,000 coverage is included in Harold's gross income.
C) The value of $200,000 coverage is included in Harold's gross income.
D) Harold's life insurance coverage is a nontaxable fringe benefit.
Correct Answer:
Verified
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