23 Jul WRITE A LETTER EXPLAINING THE TAX EFFECTS OF EACH OPTION.
s Outdoor Adventures Inc. would like begin providing life insurance coverage for its employee Show more Leyhs Outdoor Adventures Inc. would like begin providing life insurance coverage for its employees. Three employees are officers; each earns $100000 per year. The other three employees each earn $40000 per year. Ricardo president of Leyhs come to me for advice on how to provide the coverage. He provides three alternatives each of which will cost Leyhs $15000 per year (an average of $2500 per employee): Option 1 Give each employee $2500 to purchase coverage. Option 2 Buy a group term life insurance policy under which each employee would be covered for an amount equal to twice her or his annual salary. Option 3 Buy a whole life insurance policy under which each employee would receive $100000 worth of coverage. Evaluate this options and advise the President on the tax consequences of each. Write a letter explaining the tax effects of each option. Include recommendations of the option that provides the greatest overall tax benefits. Show less
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