Tax Facts

68 / What is a “life insurance contract” for purposes of the death benefit exclusion for policies issued before January 1, 1985?

A policy issued before January 1, 1985 that is exchanged for one issued after December31, 1984 will be treated as a contract issued after 1984 and subject to the definitional requirements of IRC Section 7702 discussed in Q 65, according to the General Explanation of the Deficit Reduction Act of 1984 (the General Explanation...
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