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Posted by J on January 4, 2007, 8:54 pm
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Corporation ("C" Corp) owns 2 whole life insurance policies
on officers with cash value of $20,000 on one, $30,000 on
another. The Corp is the beneficiary and has never deducted
the premiums. Each stockholder wants to draw the cash value
from his policy. What are the tax implications to the
officers and the corp? Salary? Dividend? What if the Corp
changes the owner and beneficiary of the policies to the
officers?
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