§804 — Life insurance deductions

45 cases·4 followed·3 distinguished·1 criticized·37 cited—9% support

Statute Text — 26 U.S.C. §804

For purposes of this part, the term “life insurance deductions” means the general deductions provided in section 805.

Treasury Regulations

Treas. Reg. §Treas. Reg. §1.804-3 Gross investment income of a life insurance company
Treas. Reg. §Treas. Reg. §1.804-3(a) Gross investment income defined.
Treas. Reg. §Treas. Reg. §1.804-3(b) No double inclusion of income.
Treas. Reg. §Treas. Reg. §1.804-3(c) Exclusion of net long-term capital gains.
Treas. Reg. §Treas. Reg. §1.804-3(i) Interest (including tax-exempt interest and partially tax-exempt interest), as described in § 1.
Treas. Reg. §Treas. Reg. §1.804-3(v) The alteration or termination of any instrument or agreement described in subdivision (iv) of this subparagraph.
Treas. Reg. §Treas. Reg. §1.804-4 Investment yield of a life insurance company
Treas. Reg. §Treas. Reg. §1.804-4(a) §1.804-4(a)
Treas. Reg. §Treas. Reg. §1.804-4(b) §1.804-4(b)
Treas. Reg. §Treas. Reg. §1.804-4(c) From the compulsory or involuntary conversion (as a result of destruction, in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof) of property used in the trade or business (as so defined).

45 Citing Cases

Shea Homes, LP, J F Shea, LP, f.k.a. J F Shea, LLC, Tax Matters Partner, Petitioners · 2014

804(a), 100 Stat. at 2358. In 1987 this percentage was reduced to 30%. Omnibus Budget Reconciliation Act of 1987, Pub. L. No. 100-203, sec. 10203, 101 Stat. at 1330-394. In 1988 Congress further scaled back the amount ofincome that could be deferred under the completed contract method. TAMRA sec. 5041. By 1989 long-term contracts had to be rep

Shea Homes, Inc. And Subsidiaries, Petitioner · 2014

Vistancia, LLC, Shea Homes Southwest, Inc., Tax Matters Partner, Petitioners · 2014

Tara L. Slaight, Petitioner T.C. Memo. 2011-58 · 2011

For gift tax purposes, the release of the taxpayer's marital rights could not be consideredaadequate and full "consideration in money or money's worth" because section 804 of the same act, 47 Stat.

Allyson Christina Briggs, Petitioner · 2004

Section 804 of TRA 1969 (83 Stat. at 685) added section 1348, which provided a 50-percent maximum rate on earned income, - 8 - effective for 1971 and thereafter. Section 1348(b), as so enacted, defined “earned income” in pertinent part as follows: SEC. 1348. FIFTY-PERCENT MAXIMUM RATE ON EARNED INCOME. * * * * * * * (b) Definitions.--For purposes

Tutor-Saliba Corporation, a California Corporation, Petitioner 115 T.C. No. 1 · 2000

ice and costs instead of the estimated contract price and costs, (B) second, determining (solely for purposes of computing such interest) the overpayment or (continued...) - 6 - Section 460 was enacted by the Tax Reform Act of 1986, Pub. L. 99-514, sec. 804(a), 100 Stat. 2385. Prior to 1986, income from long-term contracts could be accounted for under one of two alternative methods: the percentage of completion method or the completed contract method. Under the percentage of completion method, i

General Dynamics Foreign Sales Corp., Petitioner T.C. Memo. 1997-420 · 1997

804(a), 100 Stat. 2085, 2358, which, with limited exceptions, prohibits the use of the completed contract method for the Federal tax reporting of income and deductions of long-term contracts. Under sec. 460, most taxpayers, especially those as large as GENDYN, are limited to certain prescribed forms of the percentage of completion method for l

John M. Cameron & Caroline D. Cameron, and John P. & Teena G. Broadaway, Petitioners 105 T.C. No. 25 · 1995

2358, gross income from a long-term contract is taken into account as the work progresses. The amount of gross income from a long-term contract that is accrued for each taxable year is that proportion of the expected total contract income that the amount of costs incurred through the end of the taxable year bears to the total ex

Phoenix Mutual Life Insurance v. Commissioner 96 T.C. 497 · 1991

Prudential Insurance Co. of America v. Commissioner 90 T.C. 36 · 1988

Pacific Mutual Life Insurance v. Commissioner 48 T.C. 118 · 1967

Bailey v. Commissioner 90 T.C. 558 · 1988

Phoenix Mutual Life Insurance v. Commissioner 96 T.C. 481 · 1991

Continental Bankers Life Insurance v. Commissioner 93 T.C. 52 · 1989

Union Central Life Insurance v. Commissioner 84 T.C. 361 · 1985

Union Central Life Insurance v. Commissioner 77 T.C. 845 · 1981

Eldon R. & Susan M. Kenseth, Petitioner 114 T.C. No. 26 · 2000

Hamilton Industries Inc. v. Commissioner 97 T.C. 120 · 1991

Estate of Newhouse v. Commissioner 94 T.C. 193 · 1990

USAA Life Insurance v. Commissioner 94 T.C. 499 · 1990

North Central Life Insurance v. Commissioner 92 T.C. 254 · 1989

World Service Life Insurance ex rel. Merger to Gibraltar Life Insurance v. Commissioner 89 T.C. 70 · 1987

Goodson-Todman Enterprises, Ltd. v. Commissioner 84 T.C. 255 · 1985

Estate of Carli v. Commissioner 84 T.C. 649 · 1985

Fife v. Commissioner 82 T.C. 1 · 1984

Georgia International Life Insurance v. Commissioner 81 T.C. 166 · 1983

Siegel v. Commissioner 78 T.C. 659 · 1982

Wildman v. Commissioner 78 T.C. 943 · 1982

Zuanich v. Commissioner 77 T.C. 428 · 1981

Sangers Home for Chronic Patients, Inc. v. Commissioner 72 T.C. 105 · 1979

Midland National Life Insurance v. Commissioner 66 T.C. 550 · 1976

Union Bankers Insurance v. Commissioner 64 T.C. 807 · 1975

Bankers Union Life Insurance v. Commissioner 62 T.C. 661 · 1974

North American Life & Casualty Co. v. Commissioner 63 T.C. 364 · 1974

Imperial General Life Insurance v. Commissioner 60 T.C. 979 · 1973

Mutual Benefit Life Insurance v. Commissioner 58 T.C. 679 · 1972

Estate of Rubin v. Commissioner 57 T.C. 817 · 1972

Western & Southern Life Insurance v. Commissioner 55 T.C. 1036 · 1971

Estate of Glass v. Commissioner 55 T.C. 543 · 1970

Western National Life Insurance v. Commissioner 51 T.C. 824 · 1969

Western National Life Insurance Co. of Texas v. Commissioner 50 T.C. 285 · 1968

Estate of Keller v. Commissioner 44 T.C. 851 · 1965

Estate of Wilson v. Commissioner 2 T.C. 1059 · 1943

Jones v. Commissioner 1 T.C. 1207 · 1943

Xitronix Corporation v. KLA-Tencor Corporation 916 F.3d 429 · Cir.