Mabuhay Corporation took a keyman insurance on the life id its President, Mr. John Lloyd Delgado, designating Mr. Delgado's wife as its revocable beneficiary. In the event of death of Mr. Delgado, will the insurance proceeds form part of the gross estate of Mr. Delgado? a. Yes, because Mrs. Delgado van designated as revocable beneficiary. b. No, because the premium was not paid by Mr. Delgado. c. Yes, because the insurance proceeds form part of the benefits of Mr. Delgado enjoyed by him as an employee of Mabuhay Corporation. d. No, because Mr. Delgado had no interest in the proceeds at the time of his death, hence, this is not a property that he transferred at the time of his death.

Mabuhay Corporation took a keyman insurance on the life id its President, Mr. John Lloyd Delgado, designating Mr. Delgado's wife as its revocable beneficiary. In the event of death of Mr. Delgado, will the insurance proceeds form part of the gross estate of Mr. Delgado? a. Yes, because Mrs. Delgado van designated as revocable beneficiary. b. No, because the premium was not paid by Mr. Delgado. c. Yes, because the insurance proceeds form part of the benefits of Mr. Delgado enjoyed by him as an employee of Mabuhay Corporation. d. No, because Mr. Delgado had no interest in the proceeds at the time of his death, hence, this is not a property that he transferred at the time of his death.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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