26 U.S.C. § 813 — Untitled legal text

Page 1911 TITLE 26—INTERNAL REVENUE CODE § 814 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113–295, set out as a note under section 1 of this title. EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–218 applicable to taxable years beginning after Dec. 31, 2004, see section 205(c) of Pub. L. 108–218, set out as a note under section 807 of this title. EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–34 applicable to contracts issued after June 8, 1997, in taxable years ending after such date, with special provisions relating to changes in contracts to be treated as new contracts, see section 1084(d) of Pub. L. 105–34, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by section 1602(b)(1) of Pub. L. 104–188 ap- plicable to loans made after Aug. 20, 1996, with excep- tion, and provisions relating to certain refinancings, see section 1602(c) of Pub. L. 104–188, set out as an Effec- tive Date of Repeal note under former section 133 of this title. EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–647, title I, § 1018(h)(2), Nov. 10, 1988, 102 Stat. 3583, provided that: ‘‘The amendment made by paragraph (1) [amending this section] shall take effect as if included in the amendments made by section 211 of the Tax Reform Act of 1984 [Pub. L. 98–369].’’ Amendment by section 2004(p)(2) of Pub. L. 100–647 ef- fective, except as otherwise provided, as if included in the provisions of the Revenue Act of 1987, Pub. L. 100–203, title X, to which such amendment relates, see section 2004(u) of Pub. L. 100–647, set out as a note under section 56 of this title. EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100–203 applicable to contracts issued in taxable years beginning after Dec. 31, 1987, see section 10241(c) of Pub. L. 100–203, set out as a note under section 807 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 effective, except as oth- erwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title. EFFECTIVE DATE Section applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as a note under section 801 of this title. PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989 For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title. [§ 813. Repealed. Pub. L. 100–203, title X, § 10242(c)(1), Dec. 22, 1987, 101 Stat. 1330–423] Section, added Pub. L. 98–369, div. A, title II, § 211(a), July 18, 1984, 98 Stat. 743; amended Pub. L. 99–514, title X, § 1011(b)(9), title XVIII, § 1821(j), Oct. 22, 1986, 100 Stat. 2389, 2841; Pub. L. 100–647, title I, § 1010(a)(1), Nov. 10, 1988, 102 Stat. 3450, related to foreign life insurance companies. A prior section 813, act Aug. 16, 1954, ch. 736, § 813, as added Mar. 13, 1956, ch. 83, § 2, 70 Stat. 46, related to ad- justment for certain reserves, prior to the general revi- sion of this part by Pub. L. 86–69, § 2(a). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to taxable years beginning after Dec. 31, 1987, see section 10242(d) of Pub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section 816 of this title. § 814. Contiguous country branches of domestic life insurance companies (a) Exclusion of items In the case of a domestic mutual insurance company which— (1) is a life insurance company, (2) has a contiguous country life insurance branch, and (3) makes the election provided by sub- section (g) with respect to such branch, there shall be excluded from each item involved in the determination of life insurance company taxable income the items separately accounted for in accordance with subsection (c). (b) Contiguous country life insurance branch For purposes of this section, the term contig- uous country life insurance branch means a branch which— (1) issues insurance contracts insuring risks in connection with the lives or health of resi- dents of a country which is contiguous to the United States, (2) has its principal place of business in such contiguous country, and (3) would constitute a mutual life insurance company if such branch were a separate do- mestic insurance company. For purposes of this section, the term ‘‘insur- ance contract’’ means any life, health, accident, or annuity contract or reinsurance contract or any contract relating thereto. (c) Separate accounting required Any taxpayer which makes the election pro- vided by subsection (g) shall establish and main- tain a separate account for the various income, exclusion, deduction, asset, reserve, liability, and surplus items properly attributable to the contracts described in subsection (b). Such sepa- rate accounting shall be made— (1) in accordance with the method regularly employed by such company, if such method clearly reflects income derived from, and the other items attributable to, the contracts de- scribed in subsection (b), and (2) in all other cases, in accordance with reg- ulations prescribed by the Secretary. (d) Recognition of gain on assets in branch ac- count If the aggregate fair market value of all the invested assets and tangible property which are separately accounted for by the domestic life in- surance company in the branch account estab- lished pursuant to subsection (c) exceeds the ag- gregate adjusted basis of such assets for pur- poses of determining gain, then the domestic life insurance company shall be treated as having sold all such assets on the first day of the first