{"identifier":"/us/usc/t26/s803","title":26,"num":"\u00a7\u202f803.","heading":"Life insurance gross income","text":"\u00a7\u202f803.\nLife insurance gross income\n(a)\nIn general\nFor purposes of this part, the term \u201clife insurance gross income\u201d means the sum of the following amounts:\n(1)\nPremiums\n(A) The gross amount of premiums and other consideration on insurance and annuity contracts, less\n(B) return premiums, and premiums and other consideration arising out of indemnity reinsurance.\n(2)\nDecreases in certain reserves\nEach net decrease in reserves which is required by section 807(a) to be taken into account under this paragraph.\n(3)\nOther amounts\nAll amounts not includible under paragraph (1) or (2) which under this subtitle are includible in gross income.\n(b)\nSpecial rules for premiums\n(1)\nCertain items included\nFor purposes of subsection (a)(1)(A), the term \u201cgross amount of premiums and other consideration\u201d includes\u2014\n(A) advance premiums,\n(B) deposits,\n(C) fees,\n(D) assessments,\n(E) consideration in respect of assuming liabilities under contracts not issued by the taxpayer, and\n(F) the amount of policyholder dividends reimbursable to the taxpayer by a reinsurer in respect of reinsured policies,\non insurance and annuity contracts.\n(2)\nPolicyholder dividends excluded from return premiums\nFor purposes of subsection (a)(1)(B)\u2014\n(A)\nIn general\nExcept as provided in subparagraph (B), the term \u201creturn premiums\u201d does not include any policyholder dividends.\n(B)\nException for indemnity reinsurance\nSubparagraph (A) shall not apply to amounts of premiums or other consideration returned to another life insurance company in respect of indemnity reinsurance.","url":"https://projectusc.org/usc/t26/s803.html","content":[{"t":"sec","id":"/us/usc/t26/s803","children":[{"t":"num","text":"\u00a7\u202f803."},{"t":"heading","text":"Life insurance gross income"},{"t":"subsec","id":"/us/usc/t26/s803/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"For purposes of this part, the term \u201clife insurance gross income\u201d means the sum of the following amounts:"},{"t":"para","id":"/us/usc/t26/s803/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Premiums"},{"t":"subpara","id":"/us/usc/t26/s803/a/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" The gross amount of premiums and other consideration on insurance and annuity contracts, less","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/a/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" return premiums, and premiums and other consideration arising out of indemnity reinsurance.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s803/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Decreases in certain reserves"},{"t":"content","children":[{"t":"p","text":"Each net decrease in reserves which is required by section 807(a) to be taken into account under this paragraph.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s803/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Other amounts"},{"t":"content","children":[{"t":"p","text":"All amounts not includible under paragraph (1) or (2) which under this subtitle are includible in gross income.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s803/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Special rules for premiums"},{"t":"para","id":"/us/usc/t26/s803/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Certain items included"},{"t":"chapeau","text":"For purposes of subsection (a)(1)(A), the term \u201cgross amount of premiums and other consideration\u201d includes\u2014"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" advance premiums,","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" deposits,","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" fees,","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" assessments,","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/E","children":[{"t":"num","text":"(E)"},{"t":"content","text":" consideration in respect of assuming liabilities under contracts not issued by the taxpayer, and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/1/F","children":[{"t":"num","text":"(F)"},{"t":"content","text":" the amount of policyholder dividends reimbursable to the taxpayer by a reinsurer in respect of reinsured policies,","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"on insurance and annuity contracts.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s803/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Policyholder dividends excluded from return premiums"},{"t":"chapeau","text":"For purposes of subsection (a)(1)(B)\u2014"},{"t":"subpara","id":"/us/usc/t26/s803/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Except as provided in subparagraph (B), the term \u201creturn premiums\u201d does not include any policyholder dividends.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s803/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Exception for indemnity reinsurance"},{"t":"content","children":[{"t":"p","text":"Subparagraph (A) shall not apply to amounts of premiums or other consideration returned to another life insurance company in respect of indemnity reinsurance.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}