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 benefits from their gross income.

Question

Quizplus · Accepted Answer

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

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