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IRS Provides Important Guidance on Changes in Basis of Computing Reserves under Section 807(f)
(“PBR”) methodologies for both life insurance and annuity contracts. Prior IRS guidance did not address specific ... made to section 807(d).[5] In fact, much of the IRS’s prior guidance predated the last major pre-TCJA change ...- Authors: Mark Smith
- Date: Mar 2021
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Public Policy
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ACLI Update: Administration’s FY2023 Budget Summary of Tax Proposals of Interest to Life Insurers
ACLI Update: Administration’s FY2023 Budget Summary of Tax Proposals of Interest to Life Insurers Summary ... Summary of Administration's FY 2023 Tax Proposals of Interest to Life Insurers blockquote { margin: 10px ...- Authors: Regina Y Rose, Mandana Parsazad
- Date: May 2022
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Public Policy
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T3: TAXING TIMES TIDBITS
life (UL) insurance contracts and another for annuity contracts. Assume further that the UL change in ... positive section 481(a) adjustment of $100, and the annuity change in basis results in a negative adjustment ...- Authors: Arthur C Schneider, Surjya Mitra
- Date: May 2022
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting>Tax accounting; Life Insurance>Reserves - Life Insurance; Life Insurance>Expenses - Life Insurance; Public Policy
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The Road to the Remediation Revolution: A Short History of the Correction Procedures for Life Insurance and Annuity Contracts
The Road to the Remediation Revolution: A Short History of the Correction Procedures for Life ... the Correction Procedures for Life Insurance and Annuity Contracts This article provides a short history ...- Authors: Application Administrator, Walter Welsh, Alison R Peak
- Date: Feb 2009
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Annuities; Life Insurance; Public Policy
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Evolution of the MortalityRequirements under Sections7702 and 7702A of the InternalRevenue Code
Internal Revenue Service related to the appropriate mortality assumptions to be used in computing the definitional ... modified endowment rules. Life insurance;Mortality rates=Mortality tables=Death rates ;Taxes=Taxation; 11512 ...- Authors: Christian J DesRochers
- Date: May 2005
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Public Policy
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Rev. Proc. 2008-41—Correction of Inadvertent Diversification Failures
Rev. Proc. 2008-41—Correction of Inadvertent Diversification Failures This article discusses ... diversification requirements applicable to variable annuity and life insurance contracts under section 817h ...- Authors: Bryan W Keene, Joseph F McKeever
- Date: Feb 2009
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Annuities>Variable annuities; Life Insurance; Public Policy
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Revenue Ruling 2005-6: Guidanceon QABs under IRS Sections 7702and 7702A
section 7702(c)(3)(B)(ii), and not the “reasonable mortality charge rule” of section 7702(c)(3)(B)(i), for ... rules regarding the assumptions with respect to mortality and expense charges that must be used in determining ...- Authors: Application Administrator, Craig R Springfield, Joseph F McKeever
- Date: May 2005
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Life Insurance; Public Policy
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History of the Use of Tax Rates in Sections 7702 and 7702A Closing Agreements
History of the Use of Tax Rates in Sections 7702 and 7702A Closing Agreements This article discusses ... “corridor” death benefits as required by section 7702’s minimum death benefit require- ment; and 4. Term ...- Authors: Brian King
- Date: Feb 2009
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Life Insurance; Public Policy