Source: https://uscode.house.gov/view.xhtml?req=(title:26%20section:805%20edition:prelim)
Timestamp: 2020-08-04 03:27:41
Document Index: 494860501

Matched Legal Cases: ['§ 805', '§13511', '§211', '§611', '§805', '§1011', '§1821', '§10221', '§1702', '§1084', '§221', '§13511', '§2', '§7', '§5', '§907', '§1016', '§1901', '§141', '§257', '§211', '§2', '§2', '§13512', '§221', '§1084', '§611']

[USC02] 26 USC 805: General deductions
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26 USC 805: General deductions Text contains those laws in effect on August 2, 2020
The deductions provided by sections 243 and 245 (as modified by subparagraph (B))-
In applying section 246(b) (relating to limitation on aggregate amount of deductions for dividends received) for purposes of subparagraph (A), the limit on the aggregate amount of the deductions allowed by sections 243(a)(1) and 245 shall be the percentage determined under section 246(b)(3) of the life insurance company taxable income (and such limitation shall be applied as provided in section 246(b)(3)), computed without regard to-
In the case of any 100 percent dividend paid to any life insurance company out of the earnings and profits for any taxable year beginning after December 31, 1983, of another life insurance company if-
The reduction under this clause for a dividend is an amount equal to-
The increase in the policy cash value for any taxable year with respect to policy or contract is the amount of the increase in the adjusted cash value during such taxable year determined without regard to-
For purposes of clause (i), the term "adjusted cash value" means the cash surrender value of the policy or contract increased by the sum of-
[(5) Repealed. Pub. L. 115–97, title I, §13511(b)(5), Dec. 22, 2017, 131 Stat. 2142 ]
The amount of policyholder dividends which-
In applying section 170-
(A) the limit on the total deductions under such section provided by section 170(b)(2) shall be 10 percent of the life insurance company taxable income computed without regard to-
(Added Pub. L. 98–369, div. A, title II, §211(a), July 18, 1984, 98 Stat. 722 ; amended Pub. L. 99–514, title VI, §611(a)(5), title VIII, §805(c)(6), title X, §1011(b)(4), title XVIII, §1821(p), Oct. 22, 1986, 100 Stat. 2249 , 2362, 2389, 2842; Pub. L. 100–203, title X, §10221(c)(2), Dec. 22, 1987, 101 Stat. 1330–409 ; Pub. L. 104–188, title I, §1702(h)(3), Aug. 20, 1996, 110 Stat. 1873 ; Pub. L. 105–34, title X, §1084(b)(1), Aug. 5, 1997, 111 Stat. 954 ; Pub. L. 113–295, div. A, title II, §221(a)(41)(G), (I), Dec. 19, 2014, 128 Stat. 4044 ; Pub. L. 115–97, title I, §§13511(a), (b)(4)–(6), 13512(b)(5), (6), Dec. 22, 2017, 131 Stat. 2142 , 2143.)
A prior section 805, added Pub. L. 86–69, §2(a), June 25, 1959, 73 Stat. 118 ; amended Pub. L. 87–792, §7(g), Oct. 10, 1962, 76 Stat. 829 ; Pub. L. 88–571, §5(a), Sept. 2, 1964, 78 Stat. 860 ; Pub. L. 91–172, title IX, §907(a)(1), Dec. 30, 1969, 83 Stat. 715 ; Pub. L. 93–406, title II, §§1016(a)(6), 2002(g)(9), 2004(c)(3), Sept. 2, 1974, 88 Stat. 929 , 970, 986; Pub. L. 94–267, §(1)(c)(4), Apr. 15, 1976, 90 Stat. 367 ; Pub. L. 94–455, title XIX, §1901(a)(97), Oct. 4, 1976, 90 Stat. 1780 ; Pub. L. 95–600, title I, §§141(f)(9), 155(a), Nov. 6, 1978, 92 Stat. 2795 , 2801; Pub. L. 97–248, title II, §§257(a), 260(b), 261, 264(a)–(c)(1), Sept. 3, 1982, 96 Stat. 537 , 540, 543, 544, related to policy and other contract liability requirements, prior to general revision of this part by Pub. L. 98–369, §211(a).
Another prior section 805, acts Aug. 16, 1954, ch. 736, 68A Stat. 258 ; Mar. 13, 1956, ch. 83, §2, 70 Stat. 43 , authorized a special interest deduction, prior to the general revision of this part by Pub. L. 86–69, §2(a).
2017-Subsec. (a)(4)(B)(i). Pub. L. 115–97, §13512(b)(5), redesignated cl. (ii) as (i) and struck out former cl. (i) which read as follows: "the small life insurance company deduction,".
2014-Subsec. (a)(4)(A). Pub. L. 113–295, §221(a)(41)(G), struck out ", 244," after "sections 243" in introductory provisions.
1997-Subsec. (a)(4)(C)(ii). Pub. L. 105–34, §1084(b)(1)(A), inserted ", or out of the increase for the taxable year in policy cash values (within the meaning of subparagraph (F)) of life insurance policies and annuity and endowment contracts to which section 264(f) applies," after "tax-exempt interest".
1996-Subsec. (a)(4)(E). Pub. L. 104–188 substituted "243(b)(2)" for "243(b)(5)".
1987-Subsec. (a)(4)(B). Pub. L. 100–203 substituted "shall be the percentage determined under section 246(b)(3) of the life insurance company taxable income (and such limitation shall be applied as provided in section 246(b)(3))" for "shall be 80 percent of the life insurance company taxable income".
1986-Subsec. (a)(4)(B). Pub. L. 99–514, §611(a)(5), substituted "80 percent" for "85 percent" in introductory provisions.