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The Basics of the Tax Treatment of Long-Term Care Insurance
whereas others are enforced through a tax penalty.[17] These requirements address topics such as guaranteed ... Section 7702B(g)(2)(B)(i). [16] See section 7702B(g). [17] See section 4980C. [18] See Treas. Reg. section ...- Authors: Craig R Springfield, Alison R Peak, Prasanthi Goda
- Date: Apr 2024
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Long-Term Care News
- Topics: Long-term Care; Long-term Care>Long-term care insurance; Public Policy; Public Policy
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Rightsizing the Floor Interest Rate Rules of Sections 7702 and 7702A
contracts entered into on and after June 21, 1988.[17] Why the Floor Interest Rates Needed to be Changed ... mortality charge rule of section 7702(c)(3)(B)(i). [17] See § 5012(e)(1) of the Technical and Miscellaneous ...
- Authors: Brian King, Craig R Springfield, Robert A Fishbein
- Date: Mar 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Life Insurance>Pricing - Life Insurance; Life Insurance>Product development - Life Insurance; Life Insurance>Universal life; Life Insurance>Whole life; Public Policy; Public Policy
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New Closing Agreement Procedure for Failed Life Insurance Contracts—Rev. Proc. 2008-40
Prior closing agreement procedures. In Rev. Rul. 91-17, the Service announced that for a limited period ... are similar to those set forth in Rev. Rul. 91-17, although a number of changes have been instituted ...- Authors: Craig R Springfield, Daniela Stoia
- Date: Feb 2009
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Life Insurance
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The Perils of Reducing Death Benefits: Private Letter Ruling 201230009
adjustment” for death benefit decreases under this rule.17 order not to disrupt sales of contracts. This ... | FROM PAGE 15 FEBRUARY 2013 TAXING TIMES | 17 however, since the application of the reasonable ...- Authors: John Adney, Craig R Springfield
- Date: Feb 2013
- Competency: Professional Values>Practice expertise
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting>Tax accounting
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On Grandfathers and Adjustments: New IRS Chief Counsel Advice Memo Blurs Lines
Chief Counsel Advice Memorandum 200805022 (Aug. 17, 2007) (the “CCA”), the Service essentially concludes ... “materially changed” on or after a certain date.17 The Service acknowledged that the TAMRA conference ...- Authors: Application Administrator, Craig R Springfield
- Date: May 2008
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Life Insurance
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T3: Taxing Times Tidbits
See, e.g., PLR 200339015 (June 17, 2003) and PLR 200339016 (June 17, 2003), both involving critical ... 2 2008-29 I.R.B. 160, amplifying Rev. Rul. 91-17, 1991-1 C.B. 190. Rev. Proc. 2008-42 provides the ...- Authors: Mark E Griffin, Craig R Springfield, Daniela Stoia, Biruta P Kelly
- Date: Sep 2009
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Annuities; Life Insurance; Public Policy; Reinsurance
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Product Tax Seminar and Optional Boot Camp Presentations
business, or financial relationship with the insured. 17 Life Settlement Reporting (cont.) • Issuer re ... general reporting requirement for IRAs 14 Rev. Rul. 2018‐17 • Facts • Individual is a U.S. person and has a ...- Authors: John Adney, Rebecca Baxter, Art Dunlavy, Philip Ferrari, Robert A Fishbein, Sheryl Flum, John Glover, Mark Griffin, Lawrence Hersh, Kay Hossofsky, Samera Kadry, Bryan W Keene, Brian King, Eric Lanning, Kimberly W Lunn, Casey Malone, Kristin R Norberg, Mandana Parsazad, Alison R Peak, Daniel Phillips, Craig R Springfield, Jeffrey Stabach, Daniela Stoia
- Date: Sep 2018
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Topics: Annuities; Financial Reporting & Accounting; Life Insurance
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Final Regulations Under Sections 101 and 6050Y
responsible for administering the life insurance contract.17 Thus, indem- nity reinsurers that do not administer ... to apply only to FEBRUARY 2020 TAXING TIMES | 17 contracts issued on or before Dec. 31, 1984. Presumably ...- Authors: Craig R Springfield, Kristin R Norberg
- Date: Feb 2020
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Life Insurance; Public Policy
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Rev. Proc. 2008-39—Correction of Inadvertent MECs: Is the Third Time the Charm?
fail the 7-pay test inadvertently in the future.17 For example, if the cause of the error that resulted ... Requirements : Rev. Proc. 2008-39 … from pg. 17 18 4TAXING TIMES consists of items of information ...- Authors: Craig R Springfield, Daniela Stoia
- Date: Feb 2009
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Life Insurance
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Life Beyond 100: Rev. Proc. 2010-28 Finalizes the “Age 100 Methodologies” Safe Harbor
calculating net single premiums and necessary premiums.17 Furthermore, to determine the guide- line level premium ... Rev. Proc. 2010-28, § 1. 16 Id., at § 3.02(a). 17 Id., at § 3.02(b). 18 Id., at § 3.02(c). 19 Id ...- Authors: Application Administrator, Brian King, Craig R Springfield
- Date: Feb 2011
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Life Insurance