...life insurance contract (other than a modified endowment contract) that are made prior miy vided for amounts received under a life insurance contract paid by reason of the death of the insured (sec. 101(a)). Premium deduction limitation Under prior law, no deduction was permitted...

...then as income.361 Transfers for value Although the general rule is that gross income does not include amounts received under a life insurance contract paid by reason of the death of the insured, a limitation on this exclusion is provided in the case of transfers for value. If a life...

...first), and an additional 10-percent tax is 609 Note that an exclusion from income is provided for amounts received under a life insurance contract paid by reason of the death of the insured (sec. 101(a)). 610 Distributions from tax-favored retirement arrangements In addition to...

...the payments will continue until the beneficiary's death. Under section 22 (b) (1) of the code — amounts received under a life insurance contract paid...of the insured whether in a single sum or otherwise — are not included in the taxable income of the beneficiary. Section 201 of the House bill provided...

...funded more rapidly than seven annual level premiums (sec. 7702A). : Federal income tax is provided for amounts received under a life insurance contract paid by reason of the death of the insured Premium and interest deduction limitations with respect to life insurance contracts Premiums.-Under...

...included in gross income and shall be exempt from taxation under this chapter : (1) LIFE INSURANCE. — Amounts received under a life insurance contract paid...payments shall be included in gross income) ; (2) ANNUITIES, ETC. — Amounts received (other than amounts paid by reason of the death of the insured...

...found in sections 213(b)(l) and (2) of the Revenue Act of 1926,40 which excluded from gross income: (1) Amounts received under a life insurance contract paid...the death of the insured, whether in a single sum or in installments (but if such amounts are held by the insurer under an agreement to pay interest thereon,...

...insurance contract*6 ("inside buildup").47 Further, an exclusion from Federal income tax is provided for amounts received under a life insurance contract paid by reason of the death of the insured.** Because of the nontaxation of inside buildup, life insurance contracts provide an opportunity...

...insurance contract*6 ("inside buildup").47 Further, an exclusion from Federal income tax is provided for amounts received under a life insurance contract paid by reason of the death of the insured.4* Because of the nontaxation of inside buildup, life insurance contracts provide an opportunity...

...the Act and new sec. 6050V of the Code) Present Law Amounts received under a life insurance contract Amounts received under a life insurance contract paid by reason of the death of the insured are not includible in gross income for Federal tax purposes.738 No Federal income tax generally...