26-U.S.C.-6050U

26-U.S.C.-6050U

§6050U – Charges Or Payments For Qualified Long-Term Care Insurance Contracts Under Combined Arrangements

Pathway

Title 26 > Subtitle F > Chapter 61 > Subchapter A > Part III > Subpart B > Section 6050U

Details

  • Reference: Section 6050U
  • Legend: §6050U – Charges Or Payments For Qualified Long-Term Care Insurance Contracts Under Combined Arrangements
  • USCode Year: 2013

Provision Content

(a) Requirement of reporting

Any person who makes a charge against the cash value of an annuity contract, or the cash surrender value of a life insurance contract, which is excludible from gross income under section 72(e)(11) shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth—

(1) the amount of the aggregate of such charges against each such contract for the calendar year,

(2) the amount of the reduction in the investment in each such contract by reason of such charges, and

(3) the name, address, and TIN of the individual who is the holder of each such contract.

(b) Statements to be furnished to persons with respect to whom information is required

Every person required to make a return under subsection (a) shall furnish to each individual whose name is required to be set forth in such return a written statement showing—

(1) the name, address, and phone number of the information contact of the person making the payments, and

(2) the information required to be shown on the return with respect to such individual.

The written statement required under the preceding sentence shall be furnished to the individual on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.

(Added Pub. L. 109–280, title VIII, §844(d)(1), Aug. 17, 2006, 120 Stat. 1012.)

Effective Date

Section applicable to contracts issued after Dec. 31, 1996, but only with respect to taxable years beginning after Dec. 31, 2009, and to charges made after Dec. 31, 2009, see section 844(g)(1), (3) of Pub. L. 109–280, set out as an Effective Date of 2006 Amendment note under section 72 of this title.

U.S. Encyclopedia of Law Coverage

26-U.S.C.-6050 in the Legal Encyclopedia: Tax Administration

In this entry about 26-U.S.C.-6050, find legal reference material, bibliographies and premiere content related to tax administration in the American Encyclopedia of Law, presenting a comprehensive view of the United States tax administration-specific issues, written by authorities in the field.

26-U.S.C.-6050 in the Legal Encyclopedia: Information Returns

In this entry about 26-U.S.C.-6050, find legal reference material, bibliographies and premiere content related to information returns in the American Encyclopedia of Law, presenting a comprehensive view of the United States information returns-specific issues, written by authorities in the field.

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