Sec. 3508. Modification of proration rules for property and casualty insurance companies
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/bill/113/hr/1/ih/section-3508A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 832(b)(5)(B) is amended by striking 15 percent and inserting the percentage determined under subparagraph (F)) . Section 832(b)(5) is amended by adding at the end the following new subparagraph: For purposes of subparagraph (B), the percentage determined under this subparagraph is the ratio (expressed as a percentage) of— the average adjusted bases (within the meaning of section 1016) of tax-exempt assets of the company, to such average adjusted bases of all assets of the company.
For purposes of clause (i)(I), the term tax-exempt assets means assets of the type which give rise to income described in subparagraph (B). . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.