Potential Tax Changes Are On The Horizon For Life Insurance

Law360, New York (April 10, 2017, 5:28 PM EDT) -- Brian T. Casey

Thomas D. Sherman Legislation has been introduced in the U.S. House of Representatives the intent of which, if ultimately passed, would (i) eliminate the requirement that, in computing the amount of taxable gain recognized on the secondary and tertiary market sale of a life insurance policy by its owner, the selling policy owner's tax basis in the life insurance policy must be reduced by the cost of insurance paid in premiums for the life insurance policy; (ii) adjust the transfer for value exception for transfers of a life insurance policy to a partnership, trust or other entity of...

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