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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13330
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a C-corp officer with 2 whole life ins policies. One

Customer Question

I have a C-corp officer with 2 whole life ins policies. One policy is owned and the insured is the officer with his wife as beneficiay. The other policy is owned by the corp, the officer is the insured and his wife is the beneficiay. Are any of the proceeds taxable to his wife upon his death. The corp pays the non-deductibel premiums.
Submitted: 5 years ago.
Category: Tax
Expert:  Robin D. replied 5 years ago.

Robin D :

Hello and thank you for using Just Answer.
The life insurance proceeds would be non-taxable -- even if the premiums were not included on the W-2 of the officer.

Robin D :

Life insurance proceeds are covered in IRC 101
http://www.law.cornell.edu/uscode/26/usc_sec_26_00000101----000-.html

Robin D :

Did that cover your question?

Robin D :

Did you need clarification on the above?

Robin D :

If not that is fine. If you do have another question, please know that you can always come back even after you click ACCEPT. Thanks again.