Income Taxation of Life Insurance and Annuity Contracts (Portfolio 529)
At a glance
I. Death Benefit Proceeds
II. Amounts Payable Under Life Insurance Policies and Annuity Contracts (Other Than Death Benefit)
III. Deductions Related to the Purchase of Life Insurance Policies and Annuity Contracts
IV. Dispositions of Life Insurance Policies and Annuity Contracts
V. International Aspects of Life Insurance and Annuities
VI. Issuance of Life Insurance Policies and Annuity Contracts in Special Situations
VII. Valuation of Life Insurance and Annuities
Abstract
Bloomberg Tax Portfolio 529 T.M., Income Taxation of Life Insurance and Annuity Contracts, considers the federal income tax rules applicable to life insurance and annuity contracts, addressing, for example, the exclusion from gross income of death benefit proceeds and the taxation of annuity payments; deductions related to the purchase of life insurance policies and annuity contracts; the federal income tax rules applicable to dispositions of life insurance policies and annuity contracts; international aspects; and valuation. This Portfolio does not address the definition of a life insurance or annuity contract for federal tax purposes. That topic is discussed in Tax Management Portfolio 528 T.M., Income Tax Definition of Life Insurance and Annuity Contracts.