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gnated designated

gnated designated

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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Cardo, a GSIS employee, died in a car accident. His heirs collected the following proceed of life insurance policies: AXA Life, revocable, designated to his wife Alyana - 500,000 Sunlife, irrevocable, designated to his son - 700,000 AON life insurance, revocable, designated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance - 500,0000 GSIS benefits - 150,000 Determine the Gross Estate of Mr. Yap: What are the non-taxable proceed of life insurance?
Transcribed Image Text:Cardo, a GSIS employee, died in a car accident. His heirs collected the following proceed of life insurance policies: AXA Life, revocable, designated to his wife Alyana - 500,000 Sunlife, irrevocable, designated to his son - 700,000 AON life insurance, revocable, designated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance - 500,0000 GSIS benefits - 150,000 Determine the Gross Estate of Mr. Yap: What are the non-taxable proceed of life insurance?
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