Rocket Co., an S corporation, pays single coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip’s behalf, Rocket pays Philip’s family coverage under the health insurance plan. What amount of insurance premiums is includible in Philip’s gross income? A. $17,000 B. $170 C. $17 D. $0
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Rocket Co., an S corporation, pays single coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip’s behalf, Rocket pays Philip’s family coverage under the health insurance plan. What amount of insurance premiums is includible in Philip’s gross income?
|
A.
|
$17,000 | |
|
B.
|
$170 | |
|
C.
|
$17 | |
|
D.
|
$0 |
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