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Internal Revenue Code · 26 U.S.C.

§ 6050Y. Returns relating to certain life insurance contract transactions

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 6050Y

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status
In force
Added
December 22, 2017 by Pub. L. 115–97
Length
4 subsections · 738 words · about 3 min to read
Defines
4 terms
Cross-references
cites 2; cited by 2 Code sections and 4 other regulations
Regulations
4 issued under this section
(a) Requirement of reporting of certain payments
(1) In general Every person who acquires a life insurance contract or any interest in a life insurance contract in a reportable policy sale during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth—
(A) the name, address, and TIN of such person,
(B) the name, address, and TIN of each recipient of payment in the reportable policy sale,
(C) the date of such sale,
(D) the name of the issuer of the life insurance contract sold and the policy number of such contract, and
(E) the amount of each payment.
(2) Statement to be furnished to persons with respect to whom information is required Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to such person, except that in the case of an issuer of a life insurance contract, such statement is not required to include the information specified in paragraph (1)(E).
(b) Requirement of reporting of seller’s basis in life insurance contracts
(1) In general Upon receipt of the statement required under subsection (a)(2) or upon notice of a transfer of a life insurance contract to a foreign person, each issuer of a life insurance contract shall make a return (at such time and in such manner as the Secretary shall prescribe) setting forth—
(A) the name, address, and TIN of the seller who transfers any interest in such contract in such sale,
(B) the investment in the contract (as defined in section 72(e)(6)) with respect to such seller, and
(C) the policy number of such contract.
(2) Statement to be furnished to persons with respect to whom information is required Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to each seller whose name is required to be set forth in such return.
(c) Requirement of reporting with respect to reportable death benefits
(1) In general Every person who makes a payment of reportable death benefits during any taxable year shall make a return for such taxable year (at such time and in such manner as the Secretary shall prescribe) setting forth—
(A) the name, address, and TIN of the person making such payment,
(B) the name, address, and TIN of each recipient of such payment,
(C) the date of each such payment,
(D) the gross amount of each such payment, and
(E) such person’s estimate of the investment in the contract (as defined in section 72(e)(6)) with respect to the buyer.
(2) Statement to be furnished to persons with respect to whom information is required Every person required to make a return under this subsection shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(A) the name, address, and phone number of the information contact of the person required to make such return, and
(B) the information required to be shown on such return with respect to each recipient of payment whose name is required to be set forth in such return.
(d) Definitions For purposes of this section:
(1) Payment

The term “payment” means, with respect to any reportable policy sale, the amount of cash and the fair market value of any consideration transferred in the sale.

(2) Reportable policy sale

The term “reportable policy sale” has the meaning given such term in section 101(a)(3)(B).

(3) Issuer

The term “issuer” means any life insurance company that bears the risk with respect to a life insurance contract on the date any return or statement is required to be made under this section.

(4) Reportable death benefits

The term “reportable death benefits” means amounts paid by reason of the death of the insured under a life insurance contract that has been transferred in a reportable policy sale.

(Added Pub. L. 115–97, title I, § 13520(a), Dec. 22, 2017, 131 Stat. 2149.)

Terms defined here

Where the text says “the term … means”. Select a term to jump to its definition.

Regulations under this section

Treasury regulations (26 CFR) issued under § 6050Y

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 2 other sections

Cited by 2 Code sections

Cited in 4 regulations not issued under it

Amendment history

From the source credit and the official notes, newest first.

  1. Added by Pub. L. 115–97

Where it sits in the Code

  1. Subtitle F Procedure and Administration
  2. Chapter 61 INFORMATION AND RETURNS
  3. Subchapter A Returns and Records
  4. Part III INFORMATION RETURNS
  5. Subpart B Information Concerning Transactions With Other Persons

Nearby sections

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable to reportable policy sales (as defined in subsection (d)(2) of this section) after Dec. 31, 2017, and reportable death benefits (as defined in subsection (d)(4) of this section) paid after Dec. 31, 2017, see section 13520(d) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 6047 of this title.