Federal Income Tax in Its Relation to Life Insurance Companies
Federal Income Tax in Its Relation to Life Insurance Companies
Kossuth Kent Kennan
The book Federal Income Tax in Its Relation to Life Insurance Companies was written by author Kossuth Kent Kennan Here you can read free online of Federal Income Tax in Its Relation to Life Insurance Companies book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Federal Income Tax in Its Relation to Life Insurance Companies a good or bad book?
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1222) Mr. Stafford proposed to amend by adding after the word "insured" the words : "Or amounts paid to the assured or his assigns in fulfillment or settlement of his policy contract. " This was suggested for the purpose of making it clear that policies surrendered would not be taxable, even though the surrender occurred prior to the"ma- turity of the term mentioned in the contract. " In the discussion which followed Mr. Underwood gave it as his opinion that the law was broad enough to cover su...rrendered policies, but he was speaking about the "termination of the contract" which is quite a different thing from "maturity of the term mentioned in the contract. " As there were several members who differed from him sharply on this point and, grave doubts were expressed as to the force and effect of the law, it would seem that some further amendment is 29 necessary. We venture to suggest that the words "at the maturity of the term mentioned in the contract" might well be dispensed with or at least the words, "in case of surrender, cancellation, or, " could be inserted before "at" and another slight change made so that it would read : "Upon the return of said proceeds to the insured in case of surrender, cancellation, or the maturity of the term mentioned in the contract.
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