Sentences with phrase «contract in every taxable year»
• Income inclusion - If the contract does not meet the life insurance contract definition, then the income generated in the contract in every taxable year will be considered as ordinary income accrued or received by the policyholder.
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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 --
If the cash value in a contract exceeds the specified percentage of death benefit, the policy no longer qualifies as life insurance at all and all investment earnings become immediately taxable in the year the specified percentage is exceeded.