Sec. 5302. Repeal of exemption from tax for certain insurance companies and co-op health insurance issuers

198 words·~1 min read·/bill/113/hr/1/ih/section-5302

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Section 501(c) is amended by striking paragraphs

(15)and (29). Section 831(d), as amended by the preceding provisions of this Act, is amended to read as follows: For taxation of foreign corporations carrying on an insurance business within the United States, see section 842. . Section 4958(e)(1) is amended by striking (4), or

(29)and inserting or

(4). Section 6033 is amended by striking subsection

(m)and redesignating subsection

(n)as subsection (m). The amendments made by this section shall apply to taxable years beginning after December 31, 2014. In the case of any organization described in paragraph

(15)or

(29)of section 501(c) of the Internal Revenue Code of 1986 (as in effect immediately before the enactment of this Act)— no adjustment shall be made under section 481 (or any other provision) of the Internal Revenue Code of 1986 on account of a change in its method of accounting for its 1st taxable year beginning after December 31, 2014, and for purposes of determining gain or loss, the adjusted basis of any asset held on the 1st day of such taxable year shall be treated as equal to its fair market value as of such day.