Tax Treatment of Life Insurance: Hearings Before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, Ninety-eighth Congress, First Session, May 10, 11; July 28, 1983

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U.S. Government Printing Office, 1984 - Broj stranica: 967
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Stranica 318 - It should not go unstated that the middle income wage earner presently bears an increasingly heavy share of the federal tax load and to impose additional taxes on a means of protecting his or her family against premature death would be unjust in the extreme from both a social and economic standpoint.
Stranica 30 - Any amount paid or accrued on Indebtedness incurred or continued to purchase or carry a single premium life insurance, endowment, or annuity contract...
Stranica 359 - Gross income does not include amounts received (whether in a single sum or otherwise) by the beneficiaries or the estate of an employee, if such amounts are paid by or on behalf of an employer and are paid by reason of the death of the employee.
Stranica 20 - Mr. Chairman. I would be happy to attempt to answer any questions you or the members might have.
Stranica 30 - ... contract) pursuant to a plan of purchase which contemplates the systematic direct or indirect borrowing of part or all of the increases in the cash value of such contract (either from the insurer or otherwise).
Stranica 135 - ... utilizes an averaging system, whereby the net taxable income of a life insurance company is measured by reference to an arbitrary or industry-wide standard of interest deductions, not by the actual experience and requirements of the individual company. Two possible solutions are presented herewith. The method of taxation to which it is suggested the committee give first consideration would provide a longrange basis of taxation for life insurance companies bringing their taxable income concept...
Stranica 401 - ... reserves, since the policy and other contract liability deduction depends on the size of the reserves. Moreover, additions to the reserves, deductible under phase 2, also would in some cases be smaller. To avoid this result, life insurance companies which have computed their reserves on a preliminary term basis are permitted to recompute their reserves on a net level premium basis.
Stranica 124 - Mr. Chairman and members of the subcommittee, I appreciate very much the opportunity to appear before you today on a matter which I consider to be of utmost importance to Fort Benning, Ga.
Stranica 317 - On the other hand, life insurance has become in our days one of the best recognized forms of investment and self-compelled saving. So far as reasonable safety permits, it is desirable to give to life policies the ordinary characteristics of property.
Stranica 401 - The effect of this is to take the full agents' commissions (which are larger in the initial period of a life insurance contract) out of amounts which would otherwise be added to reserves during the first year of a contract and to add correspondingly larger amounts to reserves in later years. The effect of this is to work a hardship on insurance companies using preliminary term reserves as compared with those which use ordinary reserves, since the policy and other contract liability requirements which...

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