Carol and Mike live in Alaska (CP state). Mike purchases a $500,000 life insurance policy...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Carol and Mike live in Alaska (CP state). Mike purchases a $500,000 life insurance policy on his life and names his daughter Julie the beneficiary. Mike pays the life insurance premiums with marital assets. At Mikes death, $500,000 death benefits are paid to Julie.
A. How much of the proceeds will be included in Mikes gross estate, subject to estate tax?
B. Are there any gift tax consequences to either Mike or Carol for the $500,000 paid to Julie? If so, what?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.