by johnson

Fred is an insurance agent who receives commission on each policy he sells. In 2006, he purchased a policy for his own life, naming his wife the beneficiary. He did not report the commission on the policy as gross income because he considered the commission a reduction in his cost (like a discount) for the life insurance. is he legally able to do this or not?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.