26 U.S. Code § 6050V - Returns relating to applicable insurance contracts in which certain exempt organizations hold interests
Each applicable exempt organization which makes a reportable acquisition shall make the return described in subsection (c).
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.
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.
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).
This section shall not apply to reportable acquisitions occurring after the date which is 2 years after the date of the enactment of this section.
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) of Pub. 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.
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