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26 U.S.C. § 845 — Certain reinsurance agreements

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 845 — Certain reinsurance agreements

**(a) Allocation in case of reinsurance agreement involving tax avoidance or evasion** In the case of 2 or more related persons (within the meaning of section 482) who are parties to a reinsurance agreement (or where one of the parties to a reinsurance agreement is, with respect to any contract covered by the agreement, in effect an agent of another party to such agreement or a conduit between related persons), the Secretary may— (1) allocate between or among such persons income (whether investment income, premium, or otherwise), deductions, assets, reserves, credits, and other items related to such agreement, (2) recharacterize any such items, or (3) make any other adjustment, if he determines that such allocation, recharacterization, or adjustment is necessary to reflect the proper amount, source, or character of the taxable income (or any item described in paragraph (1) relating to such taxable income) of each such person. **(b) Reinsurance contract having significant tax avoidance effect** If the Secretary determines that any reinsurance contract has a significant tax avoidance effect on any party to such contract, the Secretary may make proper adjustments with respect to such party to eliminate such tax avoidance effect (including treating such contract with respect to such party as terminated on December 31 of each year and reinstated on January 1 of the next year).

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Source location: Title 26, Chapter 1, § 845; chapter-001-normal-taxes-and-surtaxes.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 801 — Tax imposed

**(a) Tax imposed** A tax is hereby imposed for each taxable year on the life insurance company taxable income of every life insurance company. Such tax shall consist of a tax computed as provided in section 11 as though the life insurance company taxable income were the taxable income referred to in section 11. **(b) Life insurance company taxable income** For purposes of this part, the term “life insurance company taxable income” means— (1) life insurance gross income, reduced by (2) life insurance deductions.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 845 — Certain reinsurance agreements

Page 1945 TITLE 26—INTERNAL REVENUE CODE § 846 of Pub. L. 94–455, set out as a note under section 1504 of this title. EFFECTIVE DATE Section applicable only to taxable years beginning after Dec. 31, 1954, see Effective Date of 1956 Amend- ment note set out under section 316 of this title. [§ 844. Repealed. Pub. L. 115–97, title I, § 13511(b)(2)(A), Dec. 22, 2017, 131 Stat. 2142] Section, added Pub. L. 91–172, title IX, § 907(c)(1), Dec. 30, 1969, 83 Stat. 716; amended Pub. L. 94–455, title XIX, §§ 1901(b)(25), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1798, 1834; Pub. L. 98–369, div. A, title II, § 211(b)(11), July 18, 1984, 98 Stat. 755; Pub. L. 99–514, title X, § 1024(c)(12), title XVIII, § 1899A(20), Oct. 22, 1986, 100 Stat. 2408, 2959; Pub. L. 101–239, title VII, § 7841(d)(16), Dec. 19, 1989, 103 Stat. 2429, related to special loss carryover rules. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to losses arising in taxable years beginning after Dec. 31, 2017, see section 13511(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amend- ment note under section 381 of this title. § 845. Certain reinsurance agreements (a) Allocation in case of reinsurance agreement involving tax avoidance or evasion In the case of 2 or more related persons (with- in the meaning of section 482) who are parties to a reinsurance agreement (or where one of the parties to a reinsurance agreement is, with re- spect to any contract covered by the agreement, in effect an agent of another party to such agreement or a conduit between related per- sons), the Secretary may— (1) allocate between or among such persons income (whether investment income, pre- mium, or otherwise), deductions, assets, re- serves, credits, and other

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