Description: Highlights of recent activities of the Taxation Section

Description: Discusses reasons for recent extensive industry changes in premium rates and expected trends, merits of different types of federal income tax treatment in financial statements, and discussion of merits of proposed state regulations regarding classification and allocation of income and expenses.

Description: This session discussion is about current developments in the legislative situation and proposed changes, continuing unresolved audit issues, emerging issues of 1984 and later audits, policyholder taxation issues and alternate minimum tax AMT. From Record of the Society of Actuaries Vol. 15, No. 2.

Description: Read the September 2017 issue of The Financial Reporter published by the Financial Reporting Section.

Description: This session at the SOA 1990 Hartford Spring Meeting is about cash flow testing as it relates to taxes including the regulatory background, current practices, and the effect of using tax versus statutory values in cash flow testing.

Description: This paper, chapter IV of the 1987 Valuation Actuary Handbook, presents a discussion and comparison of different financial reporting bases, including statutory, GAAP, modified GAAP for internal management purposes, tax, and appraisals. The author discusses the different audiences for financial information and which reporting bases are important to which audiences. The author also discusses the relationship between the valuation process and both the financial management and pricing processes, and the importance of the actuary’s responsibilities.

Description: The Chairperson of the Taxation Section discusses how the section will deal with changes to the US Tax Code.

Description: The article discusses the implications of life insurance company taxation as a result of the passage of the Tax Equity and Fiscal Responsibility Act of 1982 TEFRA. In the analysis, a new classification system was developed based on the amount of Special Deductions allowed under Section 809f of the Tax Code.

Description: Section 807d of the IRC provides that the deductible reserve for a life insurance contract is the greater of net surrender value or the Federally Prescribed Reserve FPR calculated under prescribed interest rate and mortality assumptions, but in no event can the tax reserve exceed “aggregate statutory reserves” i.e., the statutory cap. This article logically concludes that deficiency reserves are included in the calculation of the statutory cap.

Description: Discusses the meaning of statutory reserves with respect to a pending IRS ruling, in the case where different levels of statutory reserves are required in different states.