Annuities; certain proceeds of endowment and life insurance contracts

What this document is

26 U.S.C. s. 72: Annuities; certain proceeds of endowment and life insurance contracts is a state statute published by U.S. Government Publishing Office (govinfo.gov). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 26 U.S.C. § 72(e)(1)-(3) (Amounts Not Received as Annuities)

  “(e) Amounts not received as annuities (1) Application of subsection (A) In general This subsection shall apply to any amount which - (i) is received under an annuity, endowment, or life insurance contract, and (ii) is not received as an annuity, if no provision of this subtitle (other than this...”

• 26 U.S.C. § 72(t) (Additional Tax on Early Distributions)

  “(t) 10-percent additional tax on early distributions from qualified retirement plans (1) Imposition of additional tax If any taxpayer receives any amount from a qualified retirement plan (as defined in section 4974(c)), the taxpayer's tax under this chapter for the taxable year in which such amount...”

• 26 U.S.C. § 72: subsection (b) (Exclusion from Gross Income)

  “Gross income does not include that part of any amount received as an annuity under an annuity, endowment, or life insurance contract which bears the same ratio to such amount as the investment in the contract (as of the annuity starting date) bears to the expected return under the contract (as of...”

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