What is not subject to taxation under a modified endowment contract?
Taxes on gains are regular income for MEC withdrawals under last-in-first-out accounting methodology. However, the cost basis within the MEC and withdrawals is not subject to taxation.
What is true about a modified endowment contract?
Which of the following would always be considered a Modified Endowment Contract? Single Premium Whole Life would always be a MEC as it would always fail the 7-Pay Test.
Which of the following would always be considered a modified endowment contract?
The statement which describes a modified endowment contract is this: 'Exceed the maximum amount of premium that can be paid into a policy and still have it recognized as a life insurance contract.
Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)? Death benefit. The death benefit would NOT be subject to income tax under a Modified Endowment Contract (MEC). Xcel Testing Solutions- Life and Health Insurance- Weighted Exam- 150 Questions.
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- which of these is not subject to income taxation under a modified endowment contract quizlet