IRS Releases Final Regulations for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules
On October 25, the IRS released final regulations for certain life insurance contract transactions and modifications to the transfer for valuable considerations rules. The final regulations provide guidance on new reporting obligations under section 6050Y related to reportable policy sales and reportable death benefits. The final regulations also address modifications to the “transfer for value” rules.
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