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—
(A) the name, address, and TIN of such person,
(B) the name, address, and TIN of each recipient of payment in the reportable policy sale,
(C) the date of such sale,
(D) the name of the issuer of the life insurance contract sold and the policy number of such contract, and
(E) the amount of each payment.
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to such person, except that in the case of an issuer of a life insurance contract, such statement is not required to include the information specified in paragraph (1)(E).
Upon receipt of the statement required under subsection (a)(2) or upon notice of a transfer of a life insurance contract to a foreign person, each issuer of a life insurance contract shall make a return (at such time and in such manner as the Secretary shall prescribe) setting forth—
(A) the name, address, and TIN of the seller who transfers any interest in such contract in such sale,
(B) the investment in the contract (as defined in section 72(e)(6)) with respect to such seller, and
(C) the policy number of such contract.
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to each seller whose name is required to be set forth in such return.
Every person who makes a payment of reportable death benefits 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—
(A) the name, address, and TIN of the person making such payment,
(B) the name, address, and TIN of each recipient of such payment,
(C) the date of each such payment,
(D) the gross amount of each such payment, and
(E) such person's estimate of the investment in the contract (as defined in section 72(e)(6)) with respect to the buyer.
Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to each recipient of payment whose name is required to be set forth in such return.
For purposes of this section:
The term "payment" means, with respect to any reportable policy sale, the amount of cash and the fair market value of any consideration transferred in the sale.
The term "reportable policy sale" has the meaning given such term in section 101(a)(3)(B).
The term "issuer" means any life insurance company that bears the risk with respect to a life insurance contract on the date any return or statement is required to be made under this section.
The term "reportable death benefits" means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.
(Added Pub. L. 115–97, title I, §13520(a), Dec. 22, 2017, 131 Stat. 2149.)
Section applicable to reportable policy sales (as defined in subsection (d)(2) of this section) after Dec. 31, 2017, and reportable death benefits (as defined in subsection (d)(4) of this section) paid after Dec. 31, 2017, see section 13520(d) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 6047 of this title.
| § 1.6050Y-1 | Information reporting for reportable policy sales, transfers of life insurance contracts to foreign persons, and reportable death benefits |
| § 1.6050Y-2 | Information reporting by acquirers for reportable policy sale payments |
| § 1.6050Y-3 | Information reporting by 6050Y(b) issuers for reportable policy sales and transfers of life insurance contracts to foreign persons |
| § 1.6050Y-4 | Information reporting by payors for reportable death benefits |
The Regulations cited above were determined based on programmatic database analysis using data provided by the Government Publishing Office. TouchTax attempts to hide unrelated regulation provisions. Due to limited GPO data, however, certain unrelated regulations may appear in some instances.
The preliminary Code is a preliminary release of the Internal Revenue Code of 1986 (the "Code") by the Office of the Law Revision Counsel and is subject to further revision before it is released again as a final version. The source of the preliminary Code used in TouchTax is available here: https://uscode.house.gov/download/download.shtml. The Code is a consolidation and codification by subject matter of the general and permanent laws of the U.S. prepared by the Office of the Law Revision Counsel of the U.S. House of Representatives. The Treasury Regulations are a codification of the general and permanent rules published in the Federal Register by the departments and agencies of the federal government. The version of the Treasury Regulations available within TouchTax is part of the Electronic Code of Federal Regulations which is not an official legal edition of the Code of Federal Regulations but is an editorial compilation of CFR material and Federal Register amendments produced by the National Archives and Records Administration's Office of the Federal Register (OFR) and the Government Publishing Office. The source of the CFR used in TouchTax is available here: https://www.govinfo.gov/bulkdata/ECFR/title-26. Those using TouchTax for legal research should verify their results against the printed versions of the Code and Treasury Regulations. TouchTax is copyright 2024 by Com-Lab (Mobile). Learn more at http://touchtax.edrich.de.