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Original publisher: [Washington, D.C.] : U.S. General Accounting Office, [2004] OCLC Number: (OCoLC)55619454 Subject: Business life insurance -- Taxation -- Government policy -- United States. Excerpt: ... reported at cash surrender value - that is, the sum of accumulated premium payments and inside buildup, less accumulated insurance costs, fees, and charges that the policyholder would be required to pay for surrendering the policy. It does not take into account income tax liabilities that might result from the surrender. The Federal Reserve, FDIC, and OCC require the institutions they regulate to disclose the cash surrender value of policies worth more than $ 25, 000 in aggregate and exceeding 25 percent of " other assets, " which include such items as repossessed personal property and prepaid expenses. Through the end of 2003, OTS required the thrifts it supervises to report the cash surrender value of policies if the value was one of the three largest components of " other assets; " in 2004, OTS began requiring all the thrifts it supervises to report the cash surrender value of their policies. We found that about one-third of banks and thrifts - 3, 209 of 9, 439, including many of the largest institutions - had disclosed the cash surrender value of their business-owned life insurance holdings as of 17 December 31, 2002. The remaining two-thirds either did not hold business-owned life insurance or held such insurance but did not meet the reporting threshold. The total cash surrender value of reporting institutions ' policies was $ 56.3 billion. A total of 259 banks and thrifts with assets of $ 1 billion or more owned 88 percent ( $ 49.4 billion ) of the total reported cash surrender value ( fig. 1 ). These 259 institutions included 23 banks and thrifts that were among the top 50 largest institutions and that owned 66 percent ( $ 36.9 billion ) of the total reported cash surrender value. Because not all institutions that owned policies met the reporting thresho
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Business-owned life insurance: more data could be useful in making tax policy decisions: report to congressional requesters
Bokrecensioner » Business-owned life insurance: more data could be useful in making tax policy decisions: report to congressional requesters
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