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If Janice were to name Carolyn as the beneficiary of the life insurance policy on her...

  1. If Janice were to name Carolyn as the beneficiary of the life insurance policy on her mother, and then her mother dies, the tax consequences would be:

    1. a) Janice would be subject to gift taxation for a gift to her daughter

    2. b) Janice’s mother would be subject to gift taxation for a gift to her daughter

    3. c) Janice’s mother would be subject to generation-skipping taxes for a gift to her granddaughter

    4. d) None of the above

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Answer #1

Answer: d) None of the above

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