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If Janice were to name Carolyn as the beneficiary of the life insurance policy on...

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Accounting

  1. If Janice were to name Carolyn as the beneficiary of the life insurance policy on her mother, and then her mother dies, the tax consequences would be:

    1. a) Janice would be subject to gift taxation for a gift to her daughter

    2. b) Janices mother would be subject to gift taxation for a gift to her daughter

    3. c) Janices mother would be subject to generation-skipping taxes for a gift to her granddaughter

    4. d) None of the above

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