S. 2048 · 112th Congress
A bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance…
Full title
A bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CaseySponsorNo cosponsors.
Amends the Internal Revenue Code, with respect to the tax treatment of certain life insurance contract transactions, to require reporting to the Internal Revenue Service (IRS) of: (1) information identifying persons who acquire a life insurance contract, or any interest therein, in a reportable policy sale; (2) information identifying a seller who transfers…
What it does: CRS summary · Introduced in Senate · Jan 31, 2012
Amends the Internal Revenue Code, with respect to the tax treatment of certain life insurance contract transactions, to require reporting to the Internal Revenue Service (IRS) of: (1) information identifying persons who acquire a life insurance contract, or any interest therein, in a reportable policy sale; (2) information identifying a seller who transfers an interest in a life insurance contract and the seller's investment in the contract; and (3) reportable death benefit payments.
Requires a basis adjustment for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract.
Exempts from rules limiting the exclusion from gross income of life insurance death benefit amounts any amounts realized from the transfer of a life insurance contract, or any interest therein, that is a reportable policy sale. Defines "reportable policy sale" as the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes.
Latest action (Jan 31, 2012): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 31, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.