Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth-
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing-
Upon receipt of the statement required under subsection (a)(2) or upon notice of a transfer of a life insurance contract to a foreign person, each issuer of a life insurance contract shall make a return (at such time and in such manner as the Secretary shall prescribe) setting forth-
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing-
Every person who makes a payment of reportable death benefits during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth-
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing-
For purposes of this section:
The term "payment" means, with respect to any reportable policy sale, the amount of cash and the fair market value of any consideration transferred in the sale.
The term "reportable policy sale" has the meaning given such term in section 101(a)(3)(B).
The term "issuer" means any life insurance company that bears the risk with respect to a life insurance contract on the date any return or statement is required to be made under this section.
The term "reportable death benefits" means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.
26 U.S.C. § 6050Y
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection applicable to reportable policy sales (as defined in subsection (d)(2) of this section) after Dec. 31, 2017, and reportable death benefits (as defined in subsection (d)(4) of this section) paid after Dec. 31, 2017, see section 13520(d) of Pub. L. 115-97, set out as an Effective Date of 2017 Amendment note under section 6047 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- TIN
- The term "TIN" means the identifying number assigned to a person under section 6109.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.