Internal Revenue Code:Sec. 6050U. Charges or payments for qualified long-term care insurance contracts under combined arrangements

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Location in Internal Revenue Code

TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart B - Information Concerning Transactions With Other Persons

Statute

Sec. 6050U. Charges or payments for qualified long-term care insurance 
contracts under combined arrangements.

  (a) <<NOTE: Regulations.>> Requirement of Reporting.--Any person 
who makes a charge against the cash value of an annuity contract, or the 
cash surrender value of a life insurance contract, which is excludible 
from gross income under section 72(e)(11) shall make a return, according 
to the forms or regulations prescribed by the Secretary, setting forth--
            (1) the amount of the aggregate of such charges against 
        each such contract for the calendar year,
            (2) the amount of the reduction in the investment in each 
        such contract by reason of such charges, and
            (3) the name, address, and TIN of the individual who is 
        the holder of each such contract.

    (b) Statements To Be Furnished to Persons With Respect to Whom 
Information Is Required.--Every person required to make a return under 
subsection (a) shall furnish to each individual whose name is required 
to be set forth in such return a written statement showing--
            (1) the name, address, and phone number of the information 
        contact of the person making the payments, and
            (2) the information required to be shown on the return 
        with respect to such individual.

The <<NOTE: Deadline.>> written statement required under the preceding 
sentence shall be furnished to the individual on or before January 31 of 
the year following the calendar year for which the return under 
subsection (a) was required to be made.
         

Amendments to Section

                     AMENDMENTS

     2006 - Pension Protection Act of 2006 (P.L. 109-280) inserted new section 
6050U.

Miscelleanous

                        MISCELLEANOUS