Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 3501

Sec. 3501. Exception to pro rata interest expense disallowance for corporate-owned life insurance restricted to 20-percent owners

98 words·~1 min read·/bill/113/hr/1/ih/section-3501

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Subparagraph

(A)of section 264(f)(4) is amended— by striking policy or contract)— and all that follows through A policy or contract and inserting policy or contract) a 20-percent owner of such entity. A policy or contract , and by striking in the heading. , officers, directors, and employees Section 264(f)(4) is amended by striking subparagraph (E). The amendment made by this section shall apply to contracts issued after December 31, 2014. For purposes of the preceding sentence, any material increase in the death benefit or other material change in the contract shall be treated as a new contract.