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CSV of 110,000 and an ACB of 45,000, He Assigns Bohman owns a whole Life INS palicey with a the palkey to his wife Chone, who pay him for the Tranfee, which of the following statement about thes palicey assigment is FALSE ? Juse-

CSV of 110,000 and an ACB of 45,000, He Assigns Bohman owns a whole Life INS palicey with a the palkey to his wife Chone, who pay him for the Tranfee, which of the following statement about thes palicey assigment is FALSE ? Juse-

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q1-2 Bahman Owns a whole Life INS palicy with a CSV of 110,000 and an ACB of 45,000, He Assigns the palicey to his wife Chone, who pay him for the Tranfer, which of the following statement about thes Policey assigment is FALSE? (4) Bahman is deemed to have received proceeds of 45,000! Choine is Deemed to have acquired the policy with an ACB The Assignment results in a palicy gain as Spousal rollover applies. The Assignment Results in a policy gain of 65000 because chome paid for the transfer 45000
Transcribed Image Text:Q1-2 Bahman Owns a whole Life INS palicy with a CSV of 110,000 and an ACB of 45,000, He Assigns the palicey to his wife Chone, who pay him for the Tranfer, which of the following statement about thes Policey assigment is FALSE? (4) Bahman is deemed to have received proceeds of 45,000! Choine is Deemed to have acquired the policy with an ACB The Assignment results in a palicy gain as Spousal rollover applies. The Assignment Results in a policy gain of 65000 because chome paid for the transfer 45000
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