The date of the enactment of this sentence, referred to in subsec. (e)(2)(B)(ii), probably means the date of enactment of Pub. L. 105–34, which was approved
Another section 1084(b) of Pub. L. 105–34 amended sections 805, 807, 812, and 832 of this title. Another section 1084(c) of Pub. L. 105–34 amended section 265 of this title.
1998—Subsec. (a)(3). Pub. L. 105–206, § 6010(o)(1), substituted “subsection (d)” for “subsection (c)”.
Subsec. (a)(4). Pub. L. 105–206, § 6010(o)(2), substituted “subsection (e)” for “subsection (d)”.
Subsec. (f)(3). Pub. L. 105–277 inserted concluding provisions.
Subsec. (f)(4)(E). Pub. L. 105–206, § 6010(o)(3)(A), added subpar. (E).
Subsec. (f)(5)(A)(iv). Pub. L. 105–206, § 6010(o)(4)(A), struck out at end “Any report required under the preceding sentence shall be treated as a statement referred to in section 6724(d)(1).”
Subsec. (f)(8)(A). Pub. L. 105–206, § 6010(o)(5), substituted “subsection (e)(5)(B)” for “subsection (d)(5)(B)”.
1997—Subsec. (a)(1). Pub. L. 105–34, § 1084(a)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person financially interested in any trade or business carried on by the taxpayer, when the taxpayer is directly or indirectly a beneficiary under such policy.”
Subsec. (a)(4). Pub. L. 105–34, § 1602(f)(1), added subpars. (A) and (B) and concluding provisions and struck out former subpars. (A) and (B) and concluding provisions which read as follows:
“(A) is an officer or employee of, or
“(B) is financially interested in,
any trade or business carried on by the taxpayer.”
Pub. L. 105–34, § 1084(b)(1), substituted “individual.” for “individual, who—
“(A) is or was an officer or employee, or
“(B) is or was financially interested in,
any trade or business carried on (currently or formerly) by the taxpayer.”
Subsecs. (b), (c). Pub. L. 105–34, § 1084(a)(2), added subsec. (b) and redesignated former subsec. (b) as (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 105–34, § 1084(a)(2), redesignated subsec. (c) as (d). Former subsec. (d) redesignated (e).
Subsec. (d)(2)(B)(ii). Pub. L. 105–34, § 1602(f)(2), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: “For purposes of subclause (II), the taxpayer shall elect an applicable period for such contract on its return of tax imposed by this chapter for its first taxable year ending on or after
Subsec. (d)(4)(B). Pub. L. 105–34, § 1602(f)(3), substituted “interest in the taxpayer” for “interest in the employer”.
Subsec. (e). Pub. L. 105–34, § 1084(a)(2), redesignated subsec. (d) as (e).
Subsec. (f). Pub. L. 105–34, § 1084(c), added subsec. (f).
1996—Subsec. (a)(4). Pub. L. 104–191, § 501(a)(1), (b)(1), in introductory provisions, substituted “Except as provided in subsection (d), any” for “Any” and inserted “, or any endowment or annuity contracts owned by the taxpayer covering any individual,” after “the life of any individual”.
Pub. L. 104–191, § 501(a)(2), struck out “to the extent that the aggregate amount of such indebtedness with respect to policies covering such individual exceeds $50,000” after “carried on by the taxpayer” in concluding provisions.
Subsec. (d). Pub. L. 104–191, § 501(b)(2), added subsec. (d).
1986—Subsec. (a). Pub. L. 99–514 added par. (4) and last sentence providing that par. (4) shall apply with respect to contracts purchased after
1964—Subsec. (a). Pub. L. 88–272 added par. (3) and sentence providing that par. (3) shall apply only to contracts purchased after
Subsec. (c). Pub. L. 88–272 added subsec. (c).
Amendment by Pub. L. 105–277 effective as if included in the provision of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 4003(l) of Pub. L. 105–277, set out as a note under section 86 of this title.
Amendment by Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.
Amendment by section 1084(a), (b)(1), (c) of Pub. L. 105–34 applicable to contracts issued after
Amendment by section 1602(f)(1)–(3) of Pub. L. 105–34 effective as if included in the provisions of the Health Insurance Portability and Accountability Act of 1996, Pub. L. 104–191, to which such amendment relates, see section 1602(i) of Pub. L. 105–34, set out as a note under section 26 of this title.
Pub. L. 104–191, title V, § 501(c), For calendar year: The percentage is: 1996 100 percent 1997 90 percent 1998 80 percent.”“(1) The amendments made by this section [amending this section] shall apply to interest paid or accrued after “(2) “(A) In the case of—“(i) indebtedness incurred before “(ii) indebtedness incurred before the amendments made by this section shall not apply to qualified interest paid or accrued on such indebtedness after “(B) For purposes of subparagraph (A), the qualified interest with respect to any indebtedness for any month is the amount of interest (otherwise deductible) which would be paid or accrued for such month on such indebtedness if—“(i) in the case of any interest paid or accrued after “(ii) the lesser of the following rates of interest were used for such month:“(I) The rate of interest specified under the terms of the indebtedness as in effect on “(II) The applicable percentage of the rate of interest described as Moody’s Corporate Bond Yield Average-Monthly Average Corporates as published by Moody’s Investors Service, Inc., or any successor thereto, for such month.For purposes of clause (i), all persons treated as a single employer under subsection (a) or (b) of section 52 of the Internal Revenue Code of 1986 or subsection (m) or (o) of section 414 of such Code shall be treated as 1 person. Subclause (II) of clause (ii) shall not apply to any month before “(C) For purposes of subparagraph (B), the applicable percentage is as follows:
Pub. L. 99–514, title X, § 1003(c),
Pub. L. 88–272, title II, § 215(c),
Pub. L. 104–191, title V, § 501(d), “(1) If any amount is received under any life insurance policy or endowment or annuity contract described in paragraph (4) of section 264(a) of the Internal Revenue Code of 1986—“(A) on the complete surrender, redemption, or maturity of such policy or contract during calendar year 1996, 1997, or 1998, or“(B) in full discharge during any such calendar year of the obligation under the policy or contract which is in the nature of a refund of the consideration paid for the policy or contract,then (in lieu of any other inclusion in gross income) such amount shall be includible in gross income ratably over the 4-taxable year period beginning with the taxable year such amount would (but for this paragraph) be includible. The preceding sentence shall only apply to the extent the amount is includible in gross income for the taxable year in which the event described in subparagraph (A) or (B) occurs.“(2) A contract shall not be treated as—“(A) failing to meet the requirement of section 264(c)(1) of the Internal Revenue Code of 1986, or“(B) a single premium contract under section 264(b)(1) of such Code,solely by reason of an occurrence described in subparagraph (A) or (B) of paragraph (1) of this subsection or solely by reason of a lapse occurring after “(3) In the case of the occurrence of any event described in subparagraph (A) or (B) of paragraph (1) of this subsection with respect to any policy or contract—“(A) section 848 of the Internal Revenue Code of 1986 shall not apply to the unamortized balance (if any) of the specified policy acquisition expenses attributable to such policy or contract immediately before the insurance company’s taxable year in which such event occurs, and“(B) there shall be allowed as a deduction to such company for such taxable year under chapter 1 of such Code an amount equal to such unamortized balance.”