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.

referredUnited States· United States Congress· EN

Introduced

31 January 2012

Last action

31 January 2012 · Introduced

Status

Read twice and referred to the Committee on Finance.

Summary

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.

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Timeline

31 January 2012
Introduced
Read twice and referred to the Committee on Finance.
Source: IntroReferral
31 January 2012
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 31 January 2012 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 31 January 2012
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Introduced in Senate (PDF)
Introduced in Senate · EN · 31 January 2012
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Introduced in Senate
summary · EN · 31 January 2012
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → MAP-21
related to → MAP-21
related to → MAP-21

Sources

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Official source: https://www.congress.gov/bill/112th-congress/senate-bill/2048
Open data entity: https://api.congress.gov/v3/bill/112/s/2048
us · 112-s-2048 · source updated 14 January 2025