IRS Describes New Tax Reform Information Reporting Requirements for Certain Life Insurance Contract Transactions and Provides Transitional Guidance Delaying Reporting Until Final Regulations Are Issued
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The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after
Information returns need to be filed in the following situations:
* By anyone who acquires a life insurance contract, or any interest in a life insurance contract, in a "reportable policy sale";
* By an issuer of a life insurance contract upon notice of a transaction required to be reported above or upon any notice of a transfer of a life insurance contract, or any interest in a life insurance contract, to a foreign person; and
* By any payor of "reportable death benefits."
A "reportable policy sale" is generally the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship to the insured. A "reportable death benefit" is an amount paid at the death of the insured under a life insurance contract that was transferred in a reportable policy sale.
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