Section 803: Life insurance gross income
Internal Revenue Code
§803. Life insurance gross income
(a) In general
For purposes of this part, the term "life insurance gross income" means the sum of the following amounts:
(2) Decreases in certain reserves
Each net decrease in reserves which is required by section 807(a) to be taken into account under this paragraph.
(3) Other amounts
All amounts not includible under paragraph (1) or (2) which under this subtitle are includible in gross income.
(1) Certain items included
For purposes of subsection (a)(1)(A), the term "gross amount of premiums and other consideration" includes—
(E) consideration in respect of assuming liabilities under contracts not issued by the taxpayer, and
(F) the amount of policyholder dividends reimbursable to the taxpayer by a reinsurer in respect of reinsured policies,
on insurance and annuity contracts.
(A) In general
Except as provided in subparagraph (B), the term "return premiums" does not include any policyholder dividends.
(B) Exception for indemnity reinsurance
Subparagraph (A) shall not apply to amounts of premiums or other consideration returned to another life insurance company in respect of indemnity reinsurance.
(Added
Editorial Notes
Prior Provisions
A prior section 803, acts Aug. 16, 1954, ch. 736,
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to taxable years beginning after Dec. 31, 1983, see section 215 of