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26 U.S.C. § 6039I — Returns and records with respect to employer-owned life insurance contracts
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regulations prescribe) showing for each year such contracts are owned—
(1) the number of employees of the applicable policyholder at the end of the year,
(2) the number of such employees insured under such contracts at the end of the year,
(3) the total amount of insurance in force at the end of the year under such contracts,
(4) the name, address, and taxpayer identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and
(5) that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained).
**(b) Recordkeeping requirement** Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met.
**(c) Definitions** Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).
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Source file: Laws/federal/codes/united-states-code/title-26/section-6039i-returns-and-records-with-respect-to-employer-owned-life-insurance-contra--71979d9f50.md
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Source location: Title 26, Chapter 61, § 6039I; chapter-061-information-and-returns.md
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**(a) In general** Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regulations prescribe) showing for each year such contracts are owned—
(1) the number of employees of the applicable policyholder at the end of the year,
(2) the number of such employees insured under such contracts at the end of the year,
(3) the total amount of insurance in force at the end of the year under such contracts,
(4) the name, address, and taxpayer identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and
(5) that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained).
**(b) Recordkeeping requirement** Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met.
**(c) Definitions** Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Proceeds of life insurance contracts payable by reason of death**
(1) **General rule** — Except as otherwise provided in paragraphs (2) and (3), subsection (d), subsection (f), and subsection (j), gross income does not include amounts received (whether in a single sum or otherwise) under a life insurance contract, if such amounts are paid by reason of the death of the insured.
(2) **Transfer for valuable consideration** — In the case of a transfer for a valuable consideration, by assignment or otherwise, of a life insurance contract or any interest therein, the amount excluded from gross income by paragraph (1) shall not exceed an amount equal to the sum of the actual value of such consideration and the premiums and other amounts subsequently paid by the transferee. The preceding sentence shall not apply in the case of such a transfer—
(A) if such contract or interest therein has a basis for determining gain or loss in the hands of a transferee determined in whole or in part by reference to such basis of such contract or interest therein in the hands of the transferor, or
(B) if such transfer is to the insured, to a partner of the insured, to a partnership in which the insured is a partner, or to a corporation in which the insured is a shareholder or officer.
The term “other amounts” in the first sentence of this paragraph includes interest paid or accrued by the transferee on indebtedness with respect to such contract or any interest therein if such interest paid or accrued is not allowable as a deduction by reason of section 264(a)(4).
(3) **Exception to valuable consideration rules for commercial transfers**
(A) *In general* — The second sentence of paragraph (2) shall not apply in the case of a transfer of a life insurance contract, or any intere
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 101
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rules** No gain or loss shall be recognized on the exchange of—
(1) a contract of life insurance for another contract of life insurance or for an endowment or annuity contract or for a qualified long-term care insurance contract;
(2) a contract of endowment insurance (A) for another contract of endowment insurance which provides for regular payments beginning at a date not later than the date payments would have begun under the contract exchanged, or (B) for an annuity contract, or (C) for a qualified long-term care insurance contract;
(3) an annuity contract for an annuity contract or for a qualified long-term care insurance contract; or
(4) a qualified long-term care insurance contract for a qualified long-term care insurance contract.
**(b) Definitions** For the purpose of this section—
(1) **Endowment contract** — A contract of endowment insurance is a contract with an insurance company which depends in part on the life expectancy of the insured, but which may be payable in full in a single payment during his life.
(2) **Annuity contract** — An annuity contract is a contract to which paragraph (1) applies but which may be payable during the life of the annuitant only in installments. For purposes of the preceding sentence, a contract shall not fail to be treated as an annuity contract solely because a qualified long-term care insurance contract is a part of or a rider on such contract.
(3) **Life insurance contract** — A contract of life insurance is a contract to which paragraph (1) applies but which is not ordinarily payable in full during the life of the insured. For purposes of the preceding sentence, a contract shall not fail to be treated as a life insurance contract solely because a qualified long-term care insurance contract is a part o
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1035
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Federal law — U.S. Code and appendices · legal_authorities
Page 3350
TITLE 26—INTERNAL REVENUE CODE
§ 6039I
(b) Application with other requirements
The filing of any statement under this section
shall be in lieu of the reporting requirements
under section 6034A to furnish any statement to
a beneficiary regarding amounts distributed to
such beneficiary (and such other reporting rules
as the Secretary deems appropriate).
(c) Required information
The information required under this sub-
section shall include—
(1) the amount of distributions made during
the taxable year to each beneficiary,
(2) the treatment of such distribution under
the applicable provision of section 646, includ-
ing the amount that is excludable from the re-
cipient beneficiary’s gross income under sec-
tion 646, and
(3) the amount (if any) of any distribution
during such year that is deemed to have been
made by the sponsoring Native Corporation
(as defined in section 646(h)(5)).
(d) Sponsoring Native Corporation
(1) In general
The electing Settlement Trust shall, on or
before the date on which the statement under
subsection (a) is required to be filed, furnish
such statement to the sponsoring Native Cor-
poration (as so defined).
(2) Distributees
The sponsoring Native Corporation shall fur-
nish each recipient of a distribution described
in section 646(e)(3) a statement containing the
amount deemed to have been distributed to
such recipient by such corporation for the tax-
able year.
(e) Deductible contributions by Native Corpora-
tions to Alaska Native Settlement Trusts
(1) In general
Any Native Corporation (as defined in sub-
section (m) of section 3 of the Alaska Native
Claims Settlement Act (43 U.S.C. 1602(m)))
which has made a contribution to a Settle-
ment Trust (as defined in subsection (t) of
such section) to which an e
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6039I
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