Gross investment income

(a) Gross investment income defined. For purposes of part I, subchapter L, chapter 1 of the Code, section 804(b) defines the term gross investment income of a life insurance company as the sum of the following: (1) The gross amount of income from: (i) Interest (including tax-exempt interest and partially tax-exempt interest), as described in 1.61-7. Interest shall be adjusted for amortization of premium and accrual of discount in accordance with the rules prescribed in section 818(b) and the regulations thereunder. (ii) Dividends, as described in 1.61-9. (iii) Rents and royalties, as described in 1.61-8. (iv) The entering into of any lease, mortgage, or other instrument or agreement from which the life insurance company may derive interest, rents, or royalties. (v) The alteration or termination of any instrument or agreement described in subdivision (iv) of this subparagraph. (2) In the case of a taxable year beginning after December 31, 1958, the amount (if any) by which the net short-term capital gain (as defined in section 1222(5)) exceeds the net long-term capital loss (as defined in section 1222(8)), and (3) The gross income from any trade or business (other than an insurance business) carried on by the life insurance company, or by a partnership of which the life insurance company is a partner.

Source

26 CFR § 1.804-3

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Scoping language

For purposes of part I, subchapter L, chapter 1

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