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Research a revenue ruling regarding taxability

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Reference no: EM132744913

Question: The assignment is to answer Research Problem #53 in Chapter 5:

This problem requires to research a Revenue Ruling regarding taxability of life insurance premiums paid for by someone else. You should also research the tax code, tax cases, etc. to make your determination. All of your analysis must be documented in your written response. Must be well written and thorough analysis.

Larry Sorich, as part of his estate planning, assigned his $100,000 group term life insurance policy to his niece. Larry's employer provided for only $50,000 of coverage; therefore, the niece paid for the premiums on the supplemental insurance. Larry did not include in gross income the premiums for the supplemental insurance. Larry's accountant challenged him on this arrangement. Who prevailed?

Reference no: EM132744913

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Research a revenue ruling regarding taxability : This problem requires to research a Revenue Ruling regarding taxability of life insurance premiums paid for by someone else. You should also research the tax.
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