26 USC 6050V - Returns relating to applicable insurance contracts in which certain exempt organizations hold interests

U.S Code last checked for updates: Nov 22, 2024

§ 6050V.

Returns relating to applicable insurance contracts in which certain exempt organizations hold interests

(a)

In general

(b)

Time for making return

(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.

(d)

Definitions

For purposes of this section—

(1)

Reportable acquisition

(2)

Applicable insurance contract

(A)

In general

(B)

Exceptions

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).

(3)

Applicable exempt organization

The term “applicable exempt organization” means—

(A)

an organization described in section 170(c),

(B)

an organization described in section 168(h)(2)(A)(iv), or

(C)

an organization not described in paragraph (1) or (2) which is described in section 2055(a) or section 2522(a).

(e)

Termination

(Added Pub. L. 109–280, title XII, § 1211(a)(1), Aug. 17, 2006, 120 Stat. 1072.)

cite as: 26 USC 6050V