Business, 22.08.2019 18:30 zionAboss

In connection with a "buy-sell" agreement funded by a cross-purchase insurance arrangement, business associate adam bought a policy on burr’s life to finance the purchase of burr’s interest. adam, the beneficiary, paid the premiums and retained all incidents of ownership. on the death of burr, the insurance proceeds will be
a. includible in burr's gross estate, if burr owns 50% or more of the stock of the corporation.
b. includible in burr's gross estate only if burr had purchased a similar policy on adam's life at the same time and for the same purpose.
c. includible in burr's gross estate, if adam has the right to veto burr's power to borrow on the policy that burr owns on adam's life.
d. excludable from burr's gross estate.

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