S. 2048 (112th): A bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes.

Introduced:
Jan 31, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Robert “Bob” Casey Jr. [D-PA]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on January 31, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 31, 2012
Referred to Committee Jan 31, 2012
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Jan 31, 2012.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/31/2012--Introduced.
Amends the Internal Revenue Code, with respect to the tax treatment of certain life insurance contract transactions, to require reporting to the Internal Revenue Service (IRS) of:
(1) information identifying persons who acquire a life insurance contract, or any interest therein, in a reportable policy sale;
(2) information identifying a seller who transfers an interest in a life insurance contract and the seller's investment in the contract; and
(3) reportable death benefit payments.
Requires a basis adjustment for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract.
Exempts from rules limiting the exclusion from gross income of life insurance death benefit amounts any amounts realized from the transfer of a life insurance contract, or any interest therein, that is a reportable policy sale.
Defines "reportable policy sale" as the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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