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Tax treatment of life insurance premium on officer's life.?

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S corp pays life insurance premium for its officer. His spouse and family is the beneficiary. The company treats the premium it pays as distribution to officer. Shouldn't this be added to his W2 as his income because his family is the sole beneficiary of the life insurance and not the company?

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  1. The premium for the first $50,000 is a fringe benefit.  The rest is ordinary income.

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