Harold Biggs is provided with $200,000 coverage under his employer's group-term life insurance plan. Which of the following statements is true?
A. Harold's life insurance coverage is a nontaxable fringe benefit.
B. The value of the cost of $50,000 coverage is included in Harold's gross income.
C. The value of the cost of $150,000 coverage is included in Harold's gross income.
D. The value of the cost of $200,000 coverage is included in Harold's gross income.
Answer: C
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