Sentences with phrase «policy for valuable consideration»

The transfer of a life insurance policy for valuable consideration may be taxed unless the transfer qualifies for an exception under IRC Section 101 (a)(2).

Not exact matches

Knowledge of economic history is critical for good policy making because, as valuable as it is to understand models and theories, in real life policies have to be made in societies that are complex and have political and sociological considerations to take into account.

There are cerain exceptions to this general rule including policies that were transferred for valuable consideration (IRC § 101 (a)(2)-RRB-.

If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts..