Life Settlements Industry Hot And Cold On New IRS Rules

By Brian Casey and Thomas Sherman (November 21, 2019, 4:55 PM EST) -- This article addresses recent updates to reporting requirements for the U.S. life settlements industry under the Tax Cuts and Jobs Act. We ‎examine Internal Revenue Service informational reporting requirements for secondary and tertiary ‎acquisitions of interests in in-force life insurance policies, implemented by the TCJA and defined under Internal Revenue Code Section 6050Y as reportable policy sales.[1]‎

These new reporting requirements apply to all reportable policy sales after Dec. 31, ‎‎2018. A reportable policy sale is defined 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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections

Law Firms

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!