This is a tricky one, but I think option B is the correct answer. The deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
User 3: I think option A is incorrect. A life insurance policy gifted to a charity less than 3 years before death does not qualify for a charitable deduction.
Option A is incorrect. A life insurance policy assigned to a charity less than 3 years before death does not qualify for the deduction. The policy needs to be assigned at least 3 years prior to death.
A) A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
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