Legal Question in Wills and Trusts in Michigan
Estate
My company purchased life insurance on the partners that own it in order to buy out the widow in the event of their death. Is that life insurance taxable to the company?
Asked on 9/11/07, 4:52 pm
1 Answer from Attorneys
Renee Walsh
LawRefs Nonprofit
Re: Estate
Generally speaking proceeds paid by the insurer upon death of the insured are not includible in taxable income for federal and state income tax purposes.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
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Answered on 9/11/07, 5:04 pm
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