HR 1262 Would Clarify Life Insurance Transaction Taxation

House Ways and Means Committee member Patrick J. Tiberi, R-Ohio, introduced H.R. 1262, which would clarify tax reporting for life insurance settlement transactions and the tax basis of life insurance contracts, and provide an exception to transfer for valuable consideration rules for commercial transfers.

See proposed legislation at HR 1262.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.