Sec. 215. Individual may roll over insurance contract into individual retirement account
151 words·~1 min read·
/bill/113/s/1270/is/section-215·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 408(a) is amended by adding at the end the following new flush sentence: A trust shall not be treated as failing to meet the requirements of paragraph
(3)merely because it holds a life insurance contract which was transferred to the trust in a rollover contribution described in paragraph (1). . Section 72(m)(3) is amended— in subparagraph (A), by striking or at the end of clause (i), by striking the period at the end of clause
(ii)and inserting , or , and by adding at the end the following: held by a trust described in section 408(a) after being contributed to the trust in a rollover contribution described in section 408(a)(1). , and in subparagraph (B), by striking subparagraph (A)(ii) each place it appears and inserting clauses
(ii)or
(iii)of subparagraph
(A). The amendments made by this section shall apply to rollover contributions after December 31, 2013.