Finanse publiczne · 30/07/2003

Treasury Department Proposes Removal of Provisions Related to Diversification Requirements for Variable Annuity, Endowment, and Life Insurance Contracts

The Treasury Department and the IRS are proposing to remove provisions from the Income Tax Regulations that apply a look-through rule to assets of a nonregistered partnership to satisfy the diversification requirements of section 817(h) of the Internal Revenue Code, aiming to clarify the prohibition on public ownership in nonregistered partnerships funding variable contracts.