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Post details: Effect of Company-Owned Life Insurance Policies on S Corporation Accumulated Adjustment Accounts Addressed (Rev. Rul. 2008-42)
07/02/08
Effect of Company-Owned Life Insurance Policies on S Corporation Accumulated Adjustment Accounts Addressed (Rev. Rul. 2008-42)
CCH (cch.taxgroup.com) reports:
Premiums paid by an S corporation on an employer-owned key-man life insurance policy, of which the S corporation is either a direct or indirect beneficiary, do not reduce the S Corporation's accumulated adjustment account (AAA). Conversely, benefits received by reason of death of the insured from an employer-owned life insurance policy that meets an exception under Code Sec. 101(j)(2) do not increase the S corporation's AAA.
Rev. Rul. 2008-42, 2008FED ¶46,503
Other References:
Code Sec. 101
CCH Reference - 2008FED ¶6504.022
CCH Reference - 2008FED ¶6504.44
Code Sec. 1368
CCH Reference - 2008FED ¶32,121.20
Tax Research Consultant
CCH Reference - TRC COMPEN: 48,064
CCH Reference -
TRC SCORP: 450
CCH Reference - TRC SCORP: 458.05
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