Company’s share
For purposes of section 805(a)(4), the term “company’s share” means, with respect to any taxable year beginning after , 70 percent.
Policyholder’s share
For purposes of section 807, the term “policyholder’s share” means, with respect to any taxable year beginning after , 30 percent.
Pub. L. 98–369, div. A, title II, § 211(a)98 Stat. 741Pub. L. 99–514, title XVIII, § 1821(i)100 Stat. 2840Pub. L. 100–203, title X, § 10241(b)(2)(B)101 Stat. 1330–420Pub. L. 100–647, title I, § 1018(h)(1)102 Stat. 3583Pub. L. 104–188, title I, § 1602(b)(2)110 Stat. 1833Pub. L. 105–34, title X, § 1084(b)(3)111 Stat. 955Pub. L. 108–218, title II, § 205(b)(4)118 Stat. 610Pub. L. 113–295, div. A, title II, § 221(a)(41)(G)128 Stat. 4044Pub. L. 115–97, title I, § 13518(a)131 Stat. 2148(Added , , ; amended , , ; , , ; , title II, § 2004(p)(2), , , 3608; , , ; , , ; , , ; , , ; , , .)
Editorial Notes
Codification
section 1084(b) of Pub. L. 105–34Another amended sections 101 and 264 of this title.
Prior Provisions
Pub. L. 86–69, § 2(a)73 Stat. 127Pub. L. 87–858, § 3(d)(1)76 Stat. 1137Pub. L. 88–571, § 1(a)78 Stat. 857Pub. L. 94–455, title VIII, § 806(d)(1)90 Stat. 1598Pub. L. 97–34, title II, § 207(b)95 Stat. 225Pub. L. 98–369, § 211(a)A prior section 812, added , , ; amended , , ; , , ; , title XIX, § 1901(a)(99), , , 1781; , , , related to operations loss deductions, prior to the general revision of this part by .
act Aug. 16, 1954, ch. 736, § 812Mar. 13, 1956, ch. 83, § 270 Stat. 45Pub. L. 86–69, § 2(a)Another prior section 812, , as added , , related to reserve and other policy liability deduction, prior to the general revision of this part by .
Amendments
Pub. L. 115–972017— amended section generally. Prior to amendment, section consisted of subsecs. (a) to (f), relating to definition of company’s share and policyholders’ share as pertaining to net and gross investment incomes.
Pub. L. 113–2952014—Subsec. (e)(2)(A). struck out “, 244,” after “section 243”.
Pub. L. 108–2182004—Subsec. (b)(3)(A). substituted “section 808” for “sections 808 and 809”.
Pub. L. 105–341997—Subsec. (d)(1)(D). added subpar. (D).
Pub. L. 104–188Treatment of Interest Partially Tax-Exempt Under Section1996—Subsec. (g). struck out subsec. (g) which read as follows: “ 133.—For purposes of this section and subsections (a) and (b) of section 807, the terms ‘gross investment income’ and ‘tax-exempt interest’ shall not include any interest received with respect to a securities acquisition loan (as defined in section 133(b)). Such interest shall not be included in life insurance gross income for purposes of subsection (b)(3).”
Pub. L. 100–647, § 2004(p)(2)1988—Subsec. (b)(2). , substituted “In any case where neither the prevailing State assumed interest rate nor the applicable Federal interest rate is used, another appropriate rate shall be used for purposes of subparagraph (A).” for “In any case where the prevailing State assumed rate is not used, another appropriate rate shall be treated as the prevailing State assumed rate for purposes of subparagraph (A).”
Pub. L. 100–647, § 1018(h)(1)Subsec. (e). , amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: “For purposes of this section, the term ‘gross investment income’ shall not include any dividend received by the life insurance company which is a 100-percent dividend (as defined in section 805(a)(4)(C)). Such term also shall not include any dividend described in section 805(a)(4)(D) (relating to certain dividends in the case of foreign corporations).”
Pub. L. 100–2031987—Subsec. (b)(2). substituted “at the greater of the prevailing State assumed rate or the applicable Federal interest rate” for “at the prevailing State assumed rate or, where such rate is not used, another appropriate rate” in subpar. (A), and inserted provision at end that in any case where the prevailing State assumed rate is not used, another appropriate rate be treated as the prevailing State assumed rate for purposes of subpar. (A).
Pub. L. 99–514, § 1821(i)(1)1986—Subsec. (b)(2). , inserted “or, where such rate is not used, another appropriate rate” after “assumed rate”, in subpar. (A) and added subpar. (D).
Pub. L. 99–514, § 1821(i)(2)Subsec. (b)(3)(B). , struck out “(including tax-exempt interest)” after “insurance gross income” in cl. (ii) and inserted at end “For purposes of subparagraph (B)(ii), life insurance gross income shall be determined by including tax-exempt interest and by applying section 807(a)(2)(B) as if it did not contain clause (i) thereof.”
Pub. L. 99–514, § 1821(i)(3)Subsec. (c). , amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “For purposes of this section, the term ‘net investment income’ means 90 percent of gross investment income.”
Pub. L. 99–514, § 1821(i)(4)Subsec. (g). , added subsec. (g).
Statutory Notes and Related Subsidiaries
Effective Date of 2017 Amendment
Pub. L. 115–97, title I, § 13518(c)131 Stat. 2148
Effective Date of 2014 Amendment
Pub. L. 113–295section 247 of this titlePub. L. 113–295section 221(a)(41)(K) of Pub. L. 113–295section 172 of this titleAmendment by not applicable to preferred stock issued before (determined in the same manner as under as in effect before its repeal by ), see , set out as a note under .
section 221(a) of Pub. L. 113–295Pub. L. 113–295section 221(b) of Pub. L. 113–295section 1 of this titleExcept as otherwise provided in , amendment by effective , subject to a savings provision, see , set out as a note under .
Effective Date of 2004 Amendment
Pub. L. 108–218section 205(c) of Pub. L. 108–218section 807 of this titleAmendment by applicable to taxable years beginning after , see , set out as a note under .
Effective Date of 1997 Amendment
Pub. L. 105–34section 1084(d) of Pub. L. 105–34section 101 of this titleAmendment by applicable to contracts issued after , in taxable years ending after such date, with special provisions relating to changes in contracts to be treated as new contracts, see , set out as a note under .
Effective Date of 1996 Amendment
section 1602(b)(1) of Pub. L. 104–188section 1602(c) of Pub. L. 104–188section 133 of this titleAmendment by applicable to loans made after , with exception, and provisions relating to certain refinancings, see , set out as an Effective Date of Repeal note under former .
Effective Date of 1988 Amendment
Pub. L. 100–647, title I, § 1018(h)(2)102 Stat. 3583
section 2004(p)(2) of Pub. L. 100–647Pub. L. 100–203, title Xsection 2004(u) of Pub. L. 100–647section 56 of this titleAmendment by effective, except as otherwise provided, as if included in the provisions of the Revenue Act of 1987, , to which such amendment relates, see , set out as a note under .
Effective Date of 1987 Amendment
Pub. L. 100–203section 10241(c) of Pub. L. 100–203section 807 of this titleAmendment by applicable to contracts issued in taxable years beginning after , see , set out as a note under .
Effective Date of 1986 Amendment
Pub. L. 99–514Pub. L. 98–369, div. Asection 1881 of Pub. L. 99–514section 48 of this titleAmendment by effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, , to which such amendment relates, see , set out as a note under .
Effective Date
section 215 of Pub. L. 98–369section 801 of this titleSection applicable to taxable years beginning after , see , set out as a note under .
Plan Amendments Not Required Until January 1, 1989
Pub. L. 99–514section 1140 of Pub. L. 99–514section 401 of this titleFor provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after , see , as amended, set out as a note under .