Discuss the tax treatment of the proceeds of policy

Assignment Help Business Management
Reference no: EM133039928

David Knox (he/him/his) and his business partner, Skylar (them/they), run a company called Numbers Pty Ltd together. Skylar is the creative brain behind Numbers Pty Ltd. The business has taken out a life and total and permanent disability (TPD) insurance policy on Skylar's life so that if they died or became permanently disabled the business would be able to re-pay the loans that were taken out with Skylar as guarantor. Numbers Pty Ltd owns the insurance policy and pays the premiums. Ten months later, Skylar has an accident that leaves them with a total and permanent disability. Numbers Pty Ltd receives the proceeds of the TPD insurance policy.

Discuss the tax treatment of the proceeds of this policy.

Discuss the tax treatment of the proceeds of this policy.

Reference no: EM133039928

Questions Cloud

Illegal dumping and whistle-blowing : Joseph is very satisfied with his job at the hotel resort, which is a subsidiary of a well-known international hotel chain. He has been working at the hotel, in
Which of the journal entry would be recorded : Cumberland paid $1,250 for the merchandise. Under a perpetual inventory system, which of the journal entry(ies) would be recorded
Applicable rules regarding employee contributions : What are the applicable rules regarding employee contributions to 457 plans*retirement planning*
What type of audit opinion would you provide : Assume that management do not agree with any recommendations that you make as the auditor. What type of audit opinion would you provide
Discuss the tax treatment of the proceeds of policy : David Knox (he/him/his) and his business partner, Skylar (them/they), run a company called Numbers Pty Ltd together.
How long will it take end-of-month deposits : Rounded to the next higher month, how long will it take end-of-month deposits of $250 to accumulate $10,000 in an investment account
Key features of a cook chill short shelf life system : List and briefly describe the key features of a cook Chill short Shelf Life System
Discuss obstacles of negotiation : Problem: Discuss 3 obstacles of negotiation between 2 conflicting parties and Give examples to support your discussions. then Propose strategies to overcome the
Determine the part of the return due to the exchange rate : You had invested 9,000 euros to buy Microsoft shares for $256 per share, exchange rate was $1.11 per euro. Determine part of the return due to exchange rate

Reviews

Write a Review

Business Management Questions & Answers

  Why do we solve for free cash

In other words, what is the endgame? Next, please write out the FCF formula. After you've written out the equation, please explain the meaning of each variable

  Can you think of an example related to environmental justice

Can you think of an example related to environmental justice? No landfill though as we have had extensive discussions on that example.

  Research on the internet a recent public relations campaign

Research on the Internet a recent public relations campaign with wide media exposure and evaluate its goal or goals.

  What percentage of income is paid in taxes

a. What percentage of income is paid in taxes at each level? b. Is the tax rate progressive, proportional, or regressive?

  Communication electronic information system

Implementing and utilizing an effective information and communication electronic information system.

  Professional development aspect of teaching

What strategies would you put in place to address "the how-to" issues that your staff may have when collaborating with each other throughout the year?

  Business mergers and acquisitions the potential parties

Explain why when it comes to business mergers and acquisitions the potential parties involved need auditing of each others financials before proceeding

  Incorporate grocery stores into some locations

When Wal-mart decided to incorporate grocery stores into some locations and created "super centers," was this business-level strategy of differentiation

  Us-china trade policies on transnational corporations

What are the main three points for the Impacts of US-China trade policies on transnational corporations?

  Paper on comparison analysis

Can you review the paper on Comparison analysis on the two countries by giving constructive criticism?

  Articles or financial information to justify your answer

Use your knowledge of strategic alliance types to describe HP's relationship with Microsoft. Use news articles or financial information to justify your answer.

  Probing questions in an interviewsuppose you were asked to

probing questions in an interviewsuppose you were asked to lead a jad session. list 10 guidelines you would follow in

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd