WASHINGTON, July 9 -- Internal Revenue Service has issued a rule called: Information Reporting and Transfer for Valuable Consideration Rules for Section 1035 Exchanges of Life Insurance and Certain Other Life Insurance Contract Transactions.
The rule was published in the Federal Register on July 9 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains final regulations providing guidance on the application of the transfer for valuable consideration rules and associated information reporting requirements for reportable policy sales of interests in life insurance contracts to exchanges of life insurance contracts qualifying for nonrecognition of gain or loss and certain acquisitions of interests in life insurance co...