Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the group life insurance policy and all of the attendant incidents of ownership to his brother, Cain. Cain changed the beneficiary on the policy to himself. The $50,000 policy was paid to Cain upon Abel's death. How much is includible in Abel's gross estate?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the group life insurance policy and all of the attendant incidents of ownership to his brother, Cain. Cain changed the beneficiary on the policy to himself. The $50,000 policy was paid to Cain upon Abel's death. How much is includible in Abel's gross estate?

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