Each applicable exempt organization which makes a reportable acquisition shall make the return described in subsection (c).
(b) Time for making return
Any applicable exempt organization required to make a return under subsection (a) shall file such return at such time as may be established by the Secretary.
(c) Form and manner of returns
A return is described in this subsection if such return—
(1)is in such form as the Secretary prescribes,
(2)contains the name, address, and taxpayer identification number of the applicable exempt organization and the issuer of the applicable insurance contract, and
(3)contains such other information as the Secretary may prescribe.
For purposes of this section—
(1) Reportable acquisition
The term “reportable acquisition” means the acquisition by an applicable exempt organization of a direct or indirect interest in any applicable insurance contract in any case in which such acquisition is a part of a structured transaction involving a pool of such contracts.
(2) Applicable insurance contract
(A) In general
The term “applicable insurance contract” means any life insurance, annuity, or endowment contract with respect to which both an applicable exempt organization and a person other than an applicable exempt organization have directly or indirectly held an interest in the contract (whether or not at the same time).
Such term shall not include a life insurance, annuity, or endowment contract if—
(i)all persons directly or indirectly holding any interest in the contract (other than applicable exempt organizations) have an insurable interest in the insured under the contract independent of any interest of an applicable exempt organization in the contract,
(ii)the sole interest in the contract of an applicable exempt organization or each person other than an applicable exempt organization is as a named beneficiary, or
(iii)the sole interest in the contract of each person other than an applicable exempt organization is—
(I)as a beneficiary of a trust holding an interest in the contract, but only if the person’s designation as such beneficiary was made without consideration and solely on a purely gratuitous basis, or
(II)as a trustee who holds an interest in the contract in a fiduciary capacity solely for the benefit of applicable exempt organizations or persons otherwise described in subclause (I) or clause (i) or (ii).
The date of the enactment of this section, referred to in subsec. (e), is the date of enactment of Pub. L. 109–280, which was approved Aug. 17, 2006.
Section 1211(a)(1) ofPub. L. 109–280, which directed the addition of section
6050V at the end of subpart B of part III of subchapter A of chapter 61, without specifying the act to be amended, was executed by adding section
6050V at the end of subpart
B of part
III of subchapter
A of chapter
61 of this title, which consists of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.
Pub. L. 109–280, title XII, § 1211(d),Aug. 17, 2006, 120 Stat. 1074, provided that: “The amendments made by this section [enacting this section and amending sections
6724 of this title] shall apply to acquisitions of contracts after the date of enactment of this Act [Aug. 17, 2006].”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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