Question 14 (1 point): Bruce participates in the group insurance plan offered by his employer. The annual premiums for $70,000 of life insurance are $840, of which the employer pays 80%, i.e., $672. The employer adds a taxable benefit of $672 to Bruce's annual income. Bruce contributes $18 through payroll deduction as his personal contribution to the premiums. Bruce's tax rate is 45%. When Bruce dies, what amount will his estate receive?
a) $14,000
b) $38,500
c) $56,000
d) $70,000