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  2. Internal Revenue Code section 79 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Insurance cash values may provide tax-free income as long as the policy is kept in force and withdrawals do not exceed the cost basis; A section 79 plan may be used for the following applications Group life insurance benefits; Deductible insurance to fund estate planning needs of the business owner

  3. Do You Pay Taxes on Life Insurance? - AOL

    www.aol.com/pay-taxes-life-insurance-144951266.html

    Owning a life insurance policy can be an effective way to ensure that your loved ones are provided for if you die prematurely, and it can also play an important role in estate planning. But do you ...

  4. Life insurance death benefits - AOL

    www.aol.com/finance/life-insurance-death...

    A life insurance death benefit claim can sometimes be denied based on specific exclusions written into the policy. One common example is an aviation exclusion, which could prevent a payout if the ...

  5. How Can I Avoid Taxes on Life Insurance Proceeds? - AOL

    www.aol.com/avoid-taxes-life-insurance-proceeds...

    If you are the beneficiary of a life insurance policy from a person who has an estate over the estate tax exemption limit ($12.06 million) you could have to pay estate taxes for that payout.

  6. Section 831 (b) - Wikipedia

    en.wikipedia.org/wiki/Section_831(b)

    Prior to the Act, insurance companies were taxed on their income in a very similar manner as other corporations. However, Section 831(b) changed this by allowing small insurance companies with annual premiums of $1.2 million or less (a figure that has since been adjusted for inflation) to opt for an alternative tax calculation.

  7. Life insurance - Wikipedia

    en.wikipedia.org/wiki/Life_insurance

    Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

  8. IRS Section 7702: Life Insurance Tax Definition - AOL

    www.aol.com/irs-section-7702-life-insurance...

    Section 7702 is designed to prevent abuses of the tax-advantaged nature of life insurance. It does so by imposing a two-pronged test on life insurance contracts. How the Section 7702 Test Works

  9. Federal Insurance Contributions Act - Wikipedia

    en.wikipedia.org/wiki/Federal_Insurance...

    Median household income and taxes. The Federal Insurance Contributions Act (FICA / ˈ f aɪ k ə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

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