26 U.S. Code § 2042 - Proceeds of life insurance
To the extent of the amount receivable by the executor as insurance under policies on the life of the decedent.
To the extent of the amount receivable by all other beneficiaries as insurance under policies on the life of the decedent with respect to which the decedent possessed at his death any of the incidents of ownership, exercisable either alone or in conjunction with any other person. For purposes of the preceding sentence, the term “incident of ownership” includes a reversionary interest (whether arising by the express terms of the policy or other instrument or by operation of law) only if the value of such reversionary interest exceeded 5 percent of the value of the policy immediately before the death of the decedent. As used in this paragraph, the term “reversionary interest” includes a possibility that the policy, or the proceeds of the policy, may return to the decedent or his estate, or may be subject to a power of disposition by him. The value of a reversionary interest at any time shall be determined (without regard to the fact of the decedent’s death) by usual methods of valuation, including the use of tables of mortality and actuarial principles, pursuant to regulations prescribed by the Secretary. In determining the value of a possibility that the policy or proceeds thereof may be subject to a power of disposition by the decedent, such possibility shall be valued as if it were a possibility that such policy or proceeds may return to the decedent or his estate.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
Note that the IRS often titles documents in a very plain-vanilla, duplicative way. Do not assume that identically-titled documents are the same, or that a later document supersedes another with the same title. That is unlikely to be the case.
Release dates appear exactly as we get them from the IRS. Some are clearly wrong, but we have made no attempt to correct them, as we have no way guess correctly in all cases, and do not wish to add to the confusion.
We truncate results at 20000 items. After that, you're on your own.
- Incidents of Ownership Held by Insured : 2013-07-05
- Coordination with Other Code Sections : 2013-07-05
- Administrative Powers : 2012-08-31
- Transfers in General Gift v. Not a Gift : 2009-06-19
- Transfers in General Gift v. Not a Gift : 2009-03-06
- Transfers in General Gift v. Not a Gift : 2008-12-19
- Transfers in General Gift v. Not a Gift : 2008-11-28
- Imposition of Gift Tax Imposed v. Not Imposed : 2008-06-20
- Transfers in General Gift v. Not a Gift : 2008-05-30
- Transfers in General Gift v. Not a Gift : 2007-11-23
- Trust Income, Deductions, and Credits Attributable to Grantors and OthersAs Substantial Owners : 2007-11-23
- Inclusion of Certain Property in Gross Estate : 2006-04-14
- Powers of Appointment Transfer v. Not a Transfer : 2006-04-14
- Possession of Incidents of Ownership : 2005-05-06
- Tax On Generation Skipping Transfers : 2004-01-23
- Imposition of Gift Tax Imposed v. Not Imposed : 2004-01-23
- Inclusion of Certain Property in Gross Estate : 2003-04-04
- Life Insurance Trusts : 2003-04-04
- Inclusion of Certain Property in Gross Estate : 2003-01-17
- Powers of Appointment Transfer v. Not a Transfer : 2003-01-17
- Inclusion of Certain Property in Gross Estate : 2001-07-06
- Life Insurance Trusts : 2001-07-06
- Insurance Trusts : 2001-07-06
- Transfer for Consideration : 2001-03-16
- Possession of Incidents of Ownership : 2001-03-16
- Nonrecognition of Gain or Loss on Contributions : 2000-04-28
- Transfer for Consideration : 2000-04-28
- Terms Defined : 2000-04-28
- Limited Partnerships : 2000-04-28
- Possession of Incidents of Ownership : 2000-04-28
- Investment Company Exception : 2000-04-28