Business, 30.12.2019 23:31 didirose

Clayton is asking his life insurance producer about any potential taxation issues related to his $100,000 personal whole life policy. all of the following are true, except: a. since his policy is a personal policy, he cannot deduct the premiums he pays for the policyb. annual increases in the policy's cash value are not taxable at the time they are credited to the policyc. upon surrender of the policy, he will be taxed on any amount by which the cash value exceeds the cost basis (premiums paid) of the contractd. the interest that he pays on policy loans is tax-deductible

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Clayton is asking his life insurance producer about any potential taxation issues related to his $10...

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