Ram Corp.'s operating income for the current year amounted to $100,000. Included in Ram's current year operating expenses is a $6,000 insurance premium on a policy insuring the life of Ram's president. Ram is beneficiary of this policy. In Ram's current year tax return, what amount should be deducted for the $6,000 life insurance premium? A. $6,000 B. $5,000 C. $1,000 D. $0
Ram Corp.'s operating income for the current year amounted to $100,000. Included in Ram's current year operating expenses is a $6,000 insurance premium on a policy insuring the life of Ram's president. Ram is beneficiary of this policy. In Ram's current year tax return, what amount should be deducted for the $6,000 life insurance premium? A. $6,000 B. $5,000 C. $1,000 D. $0
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Question
Ram Corp.'s operating income for the current year amounted to $100,000. Included in Ram's current year operating expenses is a $6,000 insurance premium on a policy insuring the life of Ram's president. Ram is beneficiary of this policy. In Ram's current year tax return, what amount should be deducted for the $6,000 life insurance premium?
|
A.
|
$6,000 | |
|
B.
|
$5,000 | |
|
C.
|
$1,000 | |
|
D.
|
$0 |
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