Taxes

  • Pete Stark
  • transfer-for-value rule of section 101(a)(2)
  • 1965 - LR - Treatment of Tax-Exempt Interests in the Taxation of Life Insurance Companies, Michael M. Boone - 10p
  • My purpose is to:
    • look at some of the trends in taxation of the life insurance industry and its products,
    • describe the current TEFRA tax environment and its potential impact on product pricing and development, and
    • then to look ahead to what might be expected after TEFRA.

-- William R. Britton, Jr.

1983 - SOA - Individual Life Insurance, Society of Actuaries - 22p

  • 1981 - GAO - Billions Of Dollars Are Involved In Taxation Of The Life Insurance Industry -- Some Corrections In The Law Are Needed - 242p
  • 1982 - GAO - Modified Coinsurance Used to Reduce Taxes - 9p
  • 1982 - JCT - General Explanation of the Revenue Provisions TEFRA - jcs-38-82
  • 1983 - JCT-  Comparison of Present Law, A Discussion Proposal and Possible Clarifications....relating to the tax treatment of life insurance companies and their products
  • 1983 0311 - GOV (Senate) - Taxation of Financial Services Industry - [PDF-356p-Senate-Link,
  • 1984 - DOT - US Treasury Department - The Taxation of Income Flowing through Life Insurance Companies, U.S. Treasury Department - 80p
  • 1984 0131 - GOV (Senate) - Tax Treatment of Life Insurance Products and Policyholders - [PDF-345p-GooglePlay]
  • 1988 0927 - GOV - Overview of federal tax treatment of life insurance companies and 1988 interim Treasury Department report: scheduled for a hearing before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means on September 27, 1988
  • 1960 -  SOA - The Life Insurance Company Income Tax Act of 1959, Society of Actuaries -  24p
  • 1981 - SOA - Federal Income Tax: United States (rsa81v7n420), Society of Actuaries - 16p
  • 1982 - SOA - U.S. Federal Income Taxes, Society of Actuaries - 20p
  • 1983 - SOA - U.S. Federal Income Tax, Society of Actuaries - 14p
  • 1985 - SOA - United States Life Insurance Tax Law, Society of Actuaries - 58p
  • 1989 - SOA - New Tax Developments, Audit Issues and Alternate Minimum Tax - 16p

WORDS and CONCEPTS
818(C), ModCo, Guideline Level Premium, Guideline Single Premium, MEC, TEFRA, DEFRA, CVAT, GPT, 7702, 101, Corridor, Inside Buildup

Resources
Life Insurance and Modified Endowments Under Internal Revenue Code Sections 7702 and 7702A, Second Edition -Chris DesRochers, John T. Adney, Brian King and Craig Springfield. 2015

§7702. Life insurance contract defined https://uscode.house.gov/view.xhtml?path=/prelim@title26/subtitleF/chapter79&edition=prelim

https://www.treasury.gov/press-center/press-releases/Pages/js591.aspx

  • On November 1, 2005, The President's Advisory Panel on Federal Tax Reform ("Panel") submitted its report ("Report") to the Secretary of the Treasury.1
  • At 272 pages, this is the most important and wide-ranging plan to reform the United States federal tax system since Blueprints for Basic Tax Reform (1977).2

2006 - AP -The Report of the President's Advisory Panel on Federal Tax Reform: A Critical Assessment and a Proposal, Reuven S. Avi-Yonah

  • The Save for Retirement accounts would replace existing IRAs, Roth IRAs, Nondeductible IRAs, deferred executive compensation plans, and tax-free “inside buildup” of the cash value of life insurance and annuities.
  • Contributions would be made with after-tax dollars like current law Roth IRAs and earnings would grow tax free.

https://www.treasury.gov/resource-center/tax-policy/documents/report-fix-tax-system-2005.pdf