US SB2048 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 31 2012 - 25% progression, died in committee
Action: 2012-01-31 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 31 2012 - 25% progression, died in committee
Action: 2012-01-31 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
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.
Sponsors
| Sen. Robert Casey [D-PA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2012-01-31 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB14 (Related) 2012-03-21 - Referred to House Foreign Affairs
HB4348 (Related) 2012-07-06 - Became Public Law No: 112-141.
SB1813 (Related) 2012-04-24 - See also H.R. 4348.
HB4348 (Related) 2012-07-06 - Became Public Law No: 112-141.
SB1813 (Related) 2012-04-24 - See also H.R. 4348.
Subjects
Income tax exclusion
Life, casualty, property insurance
Tax administration and collection, taxpayers
Taxation
Life, casualty, property insurance
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/senate-bill/2048/all-info |
| Text | https://www.congress.gov/112/bills/s2048/BILLS-112s2048is.pdf |
