A business provides $45,000 of group-term life insurance to all workers,including the partners who work in the business.All of the workers can exclude the value of this fringe benefit from their gross income.

Question

Quizplus · Accepted Answer

The value of group-term life insurance coverage up to $50,000 can be excluded from gross income, but partners are not considered employees for this purpose and cannot exclude the value of this benefit from their income.

A Business Provides $45,000 of Group-Term Life Insurance to All