Sundown, Inc., purchases a term life insurance plan only for its corporate officers. Harold receives $250,000 of insurance at a cost to the company of $3,500. The IRS Table of Premium Values indicates that premiums are $1.08 annually per $1,000 of protection. How much gross income does Harold have from the purchase of the life insurance by Sundown, Inc.?
A. $216
B. $270
C. $2,800
D. $3,500
E. $5,000
Answer: D
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