Jim Harvey, your client, owns a life insurance policy on his ownlife. He has paid $6,500 in premiums, and the cash surrender valueof the policy is $25,000. Jim Harvey borrowed $25,000 from theinsurance company, using the cash surrender value as collateral. Heis considering canceling the policy in payment of the loan. JimHarvey would like to know the federal income tax consequences ofcanceling his insurance policy. Discuss the tax implications.
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