New York Life Flash Cards

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When are DB proceeds includable in the estate of the deceased?	If they still have incident of ownership.	0	ptylerellis Fri, 27 Jan 2012 21:59:39 GMT
What is the Alternative minimum tax?	When a C-corp owns a life ins policy and receives the DB the DB	0	ptylerellis Fri, 27 Jan 2012 21:57:58 GMT
What is the transfer for value rule?	Transfer for value states that if a life insurance contract is transferred to another party that received the DB. Then the DB - any premiums paid after the transfer - the value given to the original owner will be taxed as ordinary income.	0	ptylerellis Fri, 27 Jan 2012 21:57:58 GMT
What is the cash value corridor test?	If the DB at any time is at least equal to an applicable precent of the CSV. then the contract passes the cash value corridor test. For flexible premium contracts the policy must both the GLP test and the CV corridor test.	0	ptylerellis Fri, 27 Jan 2012 21:40:42 GMT
What is the Guideline Premium Test?	The sum of all premiums paid may not exceed the greater of 1. the guideline single premium at such time and 2. the summ of all guieline level premiums to that date.	0	ptylerellis Fri, 27 Jan 2012 21:40:42 GMT
What is the cash vallue accumulation test?	according to irs sec 7702 the CVAT states that at no time may the policy's CSV be greater than the net single premium required to fund all future benefits.	0	ptylerellis Fri, 27 Jan 2012 21:40:42 GMT
What are the 2 tests that a life insurance contract must pass to avoid becoming a MEC?	1. The Cash Value Accumulation Test 2. The guideline premium and cash value corridor test	0	ptylerellis Fri, 27 Jan 2012 21:40:42 GMT

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name: New York Life
num users: 1
num cards: 9
created on: January 27, 2012
last updated: January 31, 2012

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