During the current year, Hope Corporation paid a $3,250 premium for a life insurance policy on the life of the chief executive officer, Joel. Determine the deductibility of the $3,250.
I. Hope could deduct the premium as compensation if Joel's daughter is the stated beneficiary of the policy.
II. The premium is not deductible if Hope Corporation is the beneficiary
a. Only statement I is correct.
b. Only statement II is correct.
c. Both statements are correct.
d. Neither statement is correct.
c
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