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  3. over the years, luke paid $65,000 in premiums on a

Over the years, Luke paid $65,000 in premiums on a whole life policy with a...

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Accounting

Over the years, Luke paid $65,000 in premiums on a whole life policy with a surrender value of $200,000 and $500,000 death benefit. How much is taxable if upon reaching 65, Show and Label ALL work a) Luke passes away and $200,000 is paid to his sister b) Luke cashes the policy in while in good health c) Luke cashes in the policy after being diagnosed with a terminal illness with a life expectancy of 20 months

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