Except in the case of qualifying accelerated death benefits, if a life insurance policy is sold or surrendered for a lump sum before the death of the insured, the amount received is taxable to the extent it exceeds the premiums paid.
Answer the following statement true (T) or false (F)
True
Sale or surrender of a life insurance policy is generally taxable to the extent the proceeds exceed premiums paid.
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The process of getting more traffic based on higher ranking of free or "organic" search results on search engines is referred to as ________.
A. digital target marketing. B. search engine marketing. C. content marketing. D. search engine optimization. E. organic keyword search.
Distinguish between tangible and intangible operating assets
The basis for both U.S. GAAP and IFRS requirements for income tax accounting for financial reporting purposes focuses on which of the following financial reporting objectives?
a. recognizing the amount of taxes payable in the current year, only. b. recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of temporary differences, only. c. recognizing the amount of taxes payable in the current year, and recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of temporary differences. d. recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of permanent differences, only. e. recognizing the amount of taxes payable in the current year, and recognizing deferred tax assets and deferred tax liabilities for the future income tax consequences of permanent differences.
Which of the following statements is true of the privity limitation?
A) The privity limitation allowed negligence suits against the manufacturer only if the owner of the product was using it when it failed. B) The court indicated that it is unfair to impose liability on the manufacturer and seller even if they earn profits from a defectively made product. C) Eradication of the privity requirement led to a shift in social policy toward placing responsibility for injuries on the victims. D) It did not allow the plaintiff to recover damages unless the plaintiff purchased the defective goods directly from the manufacturer.