Life Insurance

[gman]

purchased by a corporation on it's key employee deductible or not?

[veritas]

Life insurance other than group term up to 50k is not deductible. If you think about it life insurance that is paid out because of death is not taxable so why would premiums be deductible?

[OldJack]

On the other hand... I think some life insurance expense for a non-related employee, where the corporation is the beneficiary (rather than a employee or family member beneficiary) is deductible in the amount that exceeds the cash value with proceeds taxable in excess of cash value. You don't see this very often.

[gman]

Thanks

for the help