Description: This article discusses the June 23, 1977 Supreme Court ruling that a life insurance company must include the net valuation portion but not the associated loading of deferred and uncollected premiums in its assets and gross premium income as well as in its reserves in computing its tax liability. Some companies have been using this procedure or a modification of it for the past few years. Other companies have been filing returns conforming to IRS regulations which required including gross deferred and uncollected premiums. These companies may need to file amended returns for open tax years if they paid taxes not due or understated usable operations/loss carry forwards. The author then goes on to review the implications of the court’s decision for companies filing amended returns.

Description: This article describes the effect of different valuation interest rates and levels of surplus on income tax paid by life insurance companies via Phase 1 of the Federal Income Tax Act of 1959.

Description: This article discusses the impact on the policyholders and the insurance companies of the phase-out of the deductibility of policy loan interest resulting from the new tax law.

Description: In the environment of discussions about simplifying the tax code for individuals including eliminating many deductions, this editorial raises the question of the appropriateness of eliminating some of the tax benefits of employer benefit plans.

Description: Recap of two summer 1967 tax court decisions stemming from the 1959 Life Insurance Company Income Tax Act

Description: Article from The Actuary, December 1986 – Volume No. 20, Issue No. 10 that talks about The Tax Reform Act of 1986.