Taxation, 2011 Bar — Question 58

MULTIPLE CHOICE

The proceeds received under a life insurance endowment contract is NOT considered part of gross income (A) if it is so stated in the life insurance endowment policy. (B) if the price for the endowment policy was not fully paid. (C) where payment is made as a result of the death of the insured. (D) where the beneficiary was not the one who took out the endowment contract.

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