Glen carries a $125.000 insurance policy on his te Premiums paid over the years total $6.000. Dividends on the policy ha

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Glen Carries A 125 000 Insurance Policy On His Te Premiums Paid Over The Years Total 6 000 Dividends On The Policy Ha 1 (26.61 KiB) Viewed 32 times

Glen carries a $125.000 insurance policy on his te Premiums paid over the years total $6.000. Dividends on the policy have totaled 54,000. Glen has left the dividends on the policy with the insurance company. During the current year, the insurance company credited $1.500 of interest on the accumulated dividends to Glen's account Requirements How much income is Glen obligated to report in connection with the policy b. Would it make any difference if the accumulated dividends equaled $8,000 instead of 54,000? Requirement a: How much Income is Glen obligated to report in connection with the policy Glen would report only the interest $1.500 as taxable income Requirement b. Would it make any merence if the accumulated Gividends equaled $8,000 instead of $4,000? Glen would be taxed on The total taxable amount is rates valable to recipients of corporate dividend distributions. The amount for the lower tax