Tax Formula for Life Insurance Companies...: Hearing... on H.R. 7201...1959 - 704 pages |
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Common terms and phrases
5-year average 50 percent actuary amendment amount annuity assets basis BEERS believe benefit bill carryback CHAIRMAN company's competitive computed contracts corporate cost credit insurance DAVIS December 31 deduction rate discrimination dividends to policyholders earned rate effect excess exempt Federal income tax formula gain from operations GUEST HARRY FLOOD BYRD increase insurance business Insurance Co insurance companies insurance reserves interest rate LINDSAY loss ment million municipal bonds mutual companies Mutual Life Insurance nonparticipating operating gains paid panies paragraph pension plans phase policyholder dividends premium profits proposed question reinsured result revenue RIETZ section 809 Senate Finance Committee Senator ANDERSON Senator CURTIS Senator DOUGLAS Senator FREAR Senator GORE Senator KERR Senator TALMADGE Senator WILLIAMS SHANKS small companies statement stock companies stockholders stopgap subsection suggested surplus account tax base tax-exempt interest tax-free taxable income taxable investment income taxation tion Treasury U.S. Senate
Popular passages
Page 3 - If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof...
Page 455 - The Lord giveth, and the Lord ' taketh away ; blessed be the name of the Lord.
Page 1 - Life insurance companies issuing policies covering life, health, and accident insurance combined in one policy issued on the weekly premium payment plan, continuing for life and not subject to cancellation...
Page 2 - Life insurance company taxable income defined. For purposes of this part, the term "life insurance company taxable income" means the sum of— (1) The taxable investment income (as defined in section 804) or. if smaller, the gain from operations (as defined in section 809), (2) If the gain from operations exceeds the taxable investment income, an amount equal to 50 percent of such excess, plus (3) The amount subtracted from the policyholders surplus account for the taxable year, as determined under...
Page 2 - ... (5) Investment expenses paid during the taxable year: Provided, That if any general expenses are in part assigned to or included in the investment expenses, the total deduction under this paragraph shall not exceed one-fourth of 1 per centum of the book value of the mean of the invested assets held at the beginning and end of the taxable year...
Page 6 - Amounts returned where the amount is not fixed in the insurance contract but depends on the experience of the company or the discretion of the management shall not be included in return premiums but shall be treated as dividends to policyholders under paragraph (2). (2) Dividends to policyholders. The term "dividends to policyholders" means dividends and similar distributions paid or declared to policyholders. For purposes of the preceding sentence, the term "paid or declared...
Page 305 - ... in the case of a life tenant of property, or an income beneficiary of property held in trust, or an heir, legatee, or devisee of an estate, the deduction for depreciation allowed by section 167 and the deduction allowed by section 611. Nothing in this section shall permit the same item to be deducted more than once.
Page 5 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title...
Page viii - ... (2) unearned premiums, and unpaid losses (whether or not ascertained), on noncancellable life, health, or accident policies not included in life Insurance reserves, comprise more than 50 percent of its total reserves (as defined in subsection (c)). "(b) LIFE INSURANCE RESERVES DEFINED. — "(1) IN GENERAL. — For purposes of this part, the term 'life insurance reserves...
Page 8 - ... (4) Dividend accumulations, and other amounts, held at interest in connection with insurance or annuity contracts (including contracts supplementary thereto). (5) Premiums received in advance, and liabilities for premium deposit funds. In applying this subsection, the same item shall be counted only once.