26 U. S. Code § 7702A - Modified endowment contract defined Any reduction in benefits attributable to the nonpayment of premiums due under the contract shall not be taken into account under subparagraph (A) if the benefits are reinstated within 90 days after the reduction in such benefits
DEPARTMENT OF THE TREASURY - Internal Revenue Service Under Section 7702(a), any contract entered into after December 31, 1984 qualifies as a life insurance contract under the IRC if the contract is a life insurance contract under applicable law and passes either test listed below:
IRS Provides Information on Life Insurance Contracts She asked about the qualification rules for life insurance contracts and modified endowment contracts (MECs) under the Internal Revenue Code (IRC) Section 7702 and 7702A
7702A (2023) - Modified endowment contract defined - Justia Law Any reduction in benefits attributable to the nonpayment of premiums due under the contract shall not be taken into account under subparagraph (A) if the benefits are reinstated within 90 days after the reduction in such benefits
IRC 7702A: Modified Endowment Contracts and the 7-Pay Test We explain IRC 7702A, the 7-Pay Test, and the rules governing life insurance contract funding limits IRC Section 7702A governs the taxation and classification of specific life insurance contracts
Life Insurance and Modified Endowments Under Internal Revenue Code . . . This innovative work provides a practical look at the issues surrounding federal income tax treatment of life insurance contracts, including in-depth information on the statutory definition of life insurance found in section 7702 and the modified endowment rules in 7702A