Source: https://www.law.cornell.edu/uscode/text/26/848?qt-us_code_tabs=2
Timestamp: 2016-02-12 04:04:16
Document Index: 6194803

Matched Legal Cases: ['§ 848', '§\u202f11301', '§\u202f13261', '§\u202f301', '§\u202f1', '§\u202f202', '§\u202f1201', '§\u202f844', '§\u202f221', '§\u202f1', '§\u202f202', '§\u202f1', '§\u202f202', '§\u202f11301']

26 U.S. Code § 848 - Capitalization of certain policy acquisition expenses | US Law | LII / Legal Information Institute
(a) General ruleIn the case of an insurance company—
(3) Special rule for members of controlled groupIn the case of any controlled group—
(c) Specified policy acquisition expensesFor purposes of this section—
(1) In generalThe term “specified policy acquisition expenses” means, with respect to any taxable year, so much of the general deductions for such taxable year as does not exceed the sum of—
(d) Net premiumsFor purposes of this section—
(1) In generalThe term “net premiums” means, with respect to any category of specified insurance contracts set forth in subsection (c)(1), the excess (if any) of—
(e) Classification of contractsFor purposes of this section—
(B) ExceptionsThe term “specified insurance contract” shall not include—
any pension plan contract (as defined in section 818(a)),
any qualified foreign contract (as defined in section 807(e)(4) without regard to paragraph (5) of this subsection),
any contract which is an Archer MSA (as defined in section 220(d)), and
any contract which is a health savings account (as defined in section 223(d)).
(2) Group life insurance contractThe term “group life insurance contract” means any life insurance contract—
(1) In generalIf for any taxable year there is a negative capitalization amount with respect to any category of specified insurance contracts set forth in subsection (c)(1)—
(2) Negative capitalization amountFor purposes of paragraph (1), the term “negative capitalization amount” means, with respect to any category of specified insurance contracts, the percentage (applicable under subsection (c)(1) to such category) of the amount (if any) by which—
(Added Pub. L. 101–508, title XI, § 11301(a), Nov. 5, 1990, 104 Stat. 1388–445; amended Pub. L. 103–66, title XIII, § 13261(d), Aug. 10, 1993, 107 Stat. 539; Pub. L. 104–191, title III, § 301(h), Aug. 21, 1996, 110 Stat. 2052; Pub. L. 106–554, § 1(a)(7) [title II, § 202(a)(5), (b)(10)], Dec. 21, 2000, 114 Stat. 2763, 2763A–628, 2763A–629; Pub. L. 108–173, title XII, § 1201(h), Dec. 8, 2003, 117 Stat. 2479; Pub. L. 109–280, title VIII, § 844(e), Aug. 17, 2006, 120 Stat. 1013; Pub. L. 113–295, div. A, title II, § 221(a)(70), Dec. 19, 2014, 128 Stat. 4048.)
2014—Subsec. (j). Pub. L. 113–295 struck out subsec. (j). Text read as follows: “In the case of any taxable year which includes September 30, 1990, the amount taken into account as the net premiums (or negative capitalization amount) with respect to any category of specified insurance contracts shall be the amount which bears the same ratio to the amount which (but for this subsection) would be so taken into account as the number of days in such taxable year on or after September 30, 1990, bears to the total number of days in such taxable year.”
2000—Subsec. (e)(1)(B)(iv). Pub. L. 106–554, § 1(a)(7) [title II, § 202(b)(10)], substituted “an Archer MSA” for “a Archer MSA”.
Pub. L. 106–554, § 1(a)(7) [title II, § 202(a)(5)], substituted “Archer MSA” for “medical savings account”.
Pub. L. 101–508, title XI, § 11301(d)(1), Nov. 5, 1990, 104 Stat. 1388–449, provided that: “The amendments made by subsections (a) and (c) [enacting this section] shall apply to taxable years ending on or after September 30, 1990. Any capitalization required by reason of such amendments shall not be treated as a change in method of accounting for purposes of the Internal Revenue Code of 1986.”