Tax
Tax-Free Retirement
Tax-Free Retirement 1982 – Book – Doug Andrew – Book – LASER Fund, by Doug Andrew Patrick Kelly 2007 / 2017 – Book – Tax-Free Retirement, by Patrick Kelly The Retirement Miracle – No Audiobook (2021 0111) 20 min – youtube.com/watch?v=DAci4bLQNVI&t=74s 15 min – youtube.com/watch?v=t_OPstyLnzU David McKnight Ed Slott Ed Slott IUL Tax Free Retirement -…
Read MoreModco – Modified Coinsurance
Modco – Modified Coinsurance What happened under TEFRA? Several things: We lost MODCO 820 forever. We had a deceptively modest reduction in 818(c)2. A lot of the teeth were taken out of reinsurance as a tax planning tool. Universal Life was given legitimacy through 101(f). In terms of Anderson’s Taxation Horseman, it is now clearly…
Read More1035 – IRC – Internal Revenue Code
1035 – International Revenue Code (IRC) MR. BRONSTEIN: One of the things we noticed, too, was that on 1035 exchanges on life insurance products, we couldn’t identify one of the systems. At least the output couldn’t identify that it was a 1035 exchange, so we were paying premium tax twice. 2001 – SOA, Data Quality,…
Read MoreTaxonomy – Changes – Term to Permanent
Taxonomy – Changes – Term to Permanent A few companies have introduced a product known as Universal or Total Life. The concept involves… the company withdraws an amount sufficient to pay the premiums for an annual renewable term coverage for the amount selected for the for the current policy year. (p70) 1982 – Book -…
Read MoreLife Insurance Company Taxation
Life Insurance Company Taxation Government Hearings Pete Stark 1989 – “Final Report to The Congress on Life Insurance Company Taxation” fraser.stlouisfed.org/title/press-releases-united-states-department-treasury-6111/volume-292-587135 3. Correspondence from the American Council Of Life Insurance <ACLI> concerning proposals for the taxation of life insurance companies. (Attachment One-B) — Report of the Life & Health Actuarial Task Force to the Technical…
Read MoreCorridor
Corridor Chairman Pete STARK (D-CA): Or, on the other hand, do you think we should get into more of the definition, as Mr. Gregg suggested we did in TEFRA, where we spell out percentages of cash value to face value? <Gregg, Thomas, National Association of Life Underwriters..> (p328) 1983 0510, 0511 and 0728 – GOV…
Read MoreTax Codes
Tax Codes 101 – IRC – Internal Revenue Code 818 – Reserves 820 – Modco 1035 7702 Cash Value Accumulation Test (CVAT), Guideline Premium Test (GPT), Corridor Test, 7-Pay, and Modified Endowment Contract (MEC). ecfr.gov congress.gov JOINT COMMITTEE ON INTERNAL REVENUE TAXATION – archives.gov///chapter-23-joint-internal-revenue-taxation.html 1984 – DEFRA Cash Value Accumulation Test (CVAT) and the Guideline Premium Test…
Read MoreTEFRA
TEFRA TEFRA – DEFRA – TAMRA 1982 – TEFRA – Tax Equity and Fiscal Responsibility Act of 1982 – congress.gov/bill/97th-congress/house-bill/4961 Stopgap Law Metzenbaum, Dole, Long congress.gov/98/crecb/1984/04/10/GPO-CRECB-1984-pt6-6-2.pdf What happened under TEFRA? Several things: We lost MODCO 820 forever. We had a deceptively modest reduction in 818(c)2. A lot of the teeth were taken out of reinsurance…
Read MoreTEFRA – DEFRA – TAMRA
TEFRA – DEFRA – TAMRA 1982 – TEFRA – Tax Equity and Fiscal Responsibility Act of 1982 https://www.congress.gov/bill/97th-congress/house-bill/4961 1983 – Life Insurance Tax Act of 1983 1984 – DEFRA H.R. 4170 (98th): Deficit Reduction Act of 1984 Tax Reform Act of 1984 PUBLIC LAW 98-369—JULY 18, 1984 https://www.govinfo.gov/content/pkg/STATUTE-98/pdf/STATUTE-98-Pg494.pdf 1988 – Technical and Miscellaneous Revenue Act of 1988…
Read More1985 0719 – GOV (House) – Comprehensive Tax Reform – Pete Stark (D-CA)
1985 0719 – GOV (House) – Impact of Tax Reform on Insurance Industry – Stark 1985 0719 – GOV (House) – Comprehensive Tax Reform (9parts), (CSPAN) Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA) — [BonkNote] [PDF-GooglePlay-Part 7 of 9-1175p, VIDEO-CSPAN] House – Committee on Ways and Means Witnesses testified on the effects that President Ronald…
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