In connection with a "buy-sell" agreement funded by a cross-purchase insurance arrangement, business associate adam bought a policy on burr’s life to finance the purchase of burr’s interest. adam, the beneficiary, paid the premiums and retained all incidents of ownership. on the death of burr, the insurance proceeds will be
a. includible in burr's gross estate, if burr owns 50% or more of the stock of the corporation.
b. includible in burr's gross estate only if burr had purchased a similar policy on adam's life at the same time and for the same purpose.
c. includible in burr's gross estate, if adam has the right to veto burr's power to borrow on the policy that burr owns on adam's life.
d. excludable from burr's gross estate.

Profits from using currency options and futures. on july 2, the two-month futures rate of the mexican peso contained a 2 percent discount (unannualized). there was a call option on pesos with an exercise price that was equal to the spot rate. there was also a put option on pesos with an exercise price equal to the spot rate. the premium on each of these options was 3 percent of the spot rate at that time. on september 2, the option expired. go to the oanda. com website (or any site that has foreign exchange rate quotations) and determine the direct quote of the mexican peso. you exercised the option on this date if it was feasible to do so. a. what was your net profit per unit if you had purchased the call option? b. what was your net profit per unit if you had purchased the put option? c. what was your net profit per unit if you had purchased a futures contract on july 2 that had a settlement date of september 2? d. what was your net profit per unit if you sold a futures contract on july 2 that had a settlement date of september 2