Title 26 — Internal Revenue Code
Part III · Chapter 61 — Information and Returns
§ 6039I. Returns and records with respect to employer-owned life insurance contracts
Statutory text
In general
Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regulations prescribe) showing for each year such contracts are owned—
the number of employees of the applicable policyholder at the end of the year,
the number of such employees insured under such contracts at the end of the year,
the total amount of insurance in force at the end of the year under such contracts,
the name, address, and taxpayer identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and
that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained).
Recordkeeping requirement
Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met.
Definitions
Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 109–280 title VIII § 863(b) · 120 Stat. 780
Enacted · 26 U.S.C. § 6039I
(Added Pub. L. 109–280, title VIII, § 863(b), Aug. 17, 2006, 120 Stat. 1023.)
Source evidence
Code source credit
(Added Pub. L. 109–280, title VIII, § 863(b), Aug. 17, 2006, 120 Stat. 1023.)Enacted provision · exact public law section
(b) Reporting Requirements.— Subpart A of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 (relating to information concerning persons subject to special provisions) is amended by inserting after section 6039H the following new section: “SEC. 6039I. RETURNS AND RECORDS WITH RESPECT TO EMPLOYER-OWNED LIFE INSURANCE CONTRACTS. “(a) In General.— Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regulations prescribe) showing for each year such contracts are owned— “(1) the number of employees of the applicable policyholder at the end of the year, “(2) the number of such employees insured under such contracts at the end of the year, “(3) the total amount of insurance in force at the end of the year under such contracts, “(4) the name, address, and taxpayer identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and “(5) that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained). “(b) Recordkeeping Requirement.— Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met. “(c) Definitions.— Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).” .
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The date of the enactment of this section, referred to in subsec. (a), is the date of enactment of Pub. L. 109–280, which was approved .
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to life insurance contracts issued after , except for a contract issued after such date pursuant to an exchange described in section 1035 of this title for a contract issued on or prior to that date, and any material change to cause the contract to be treated as a new contract, with exception in the case of a master contract, see section 863(d) of Pub. L. 109–280, set out as an Effective Date of 2006 Amendment note under section 101 of this title.
Credits
(Added Pub. L. 109–280, title VIII, § 863(b), , 120 Stat. 1023.)