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No it is not. It is recorded as revenue for GAAP purposes, but is not considered business income.
10/18/2008
Wiki User
∙ 15y ago
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Is key man insurance taxable to the person covered as is the case on group-term life insurance paid by an employer's company over 50K?
Key person life insurance is coverage on the life of a key employee and payable to the employer upon that employee's death. The purpose is to protect the company from the financial loss associated with the loss of the employee. Since the employee in no way benefits from a key person life insurance policy, there are no tax consequences to the employee.
Are premiums on life insurance of key officers a permanent difference?
Life insurance premium expense when the corporation is the beneficiary is a permanent difference. It is deducted for book income but not for taxable income. And the proceeds received on such policies result in a book gain but are not taxable.
What is Key employee participation in group insurance plan?
This question does not make sense. Are you asking about "key man insurance?"
Is vehicle insurance taxable?
No.
Are US life insurance policies taxable?
As a general rule, life insurance policies in the US are not taxable. However it is taxable if it is combined with a non-refund life annuity.
If i receive life insurance for deceased husband is it taxable?
No but what you do with the money may be taxable.
If my employer pays the premium for an insurance policy for me is it taxable?
Yes, the benefits are taxable.
Is life insuraNCe taxable in NC?
no
Is life insurance income taxable?
no
Is fire insurance money taxable?
no
Are insurance settlements income taxable?
no
Is insurance cash value paid to insured taxable?
are paid up insurance proceeds paid to the living person insured taxable
