3.0.0 2048 2019-11-15T21:52:17Z 2019-11-15T21:52:17Z Senate S S 2012-01-31 112 ssfi00 Finance Committee Senate Standing Referred to 2012-01-31T20:06:18Z MAP-21 112 14 HR 2012-03-21 Referred to the Committee on Transportation and Infrastructure, and in addition to the Committees on Ways and Means, Natural Resources, Energy and Commerce, Agriculture, Science, Space, and Technology, the Budget, Oversight and Government Reform, Financial Services, Education and the Workforce, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS MAP-21 112 4348 HR 2012-07-06 Became Public Law No: 112-141. Related bill CRS MAP-21 112 1813 S 2012-04-24 See also H.R. 4348. Related bill CRS 2012-01-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2012-01-31 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N Taxation Income tax exclusion Life, casualty, property insurance Tax administration and collection, taxpayers Taxation 00 2012-01-31 Introduced in Senate 2012-04-02T18:27:20Z 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.

]]> 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. Display 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. Official Title as Introduced 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. Introduced in Senate 2012-01-31T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2048is/xml/BILLS-112s2048is.xml 2012-01-31 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.