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IRC Section 7702 was enacted as part of the Deficit Reduction Act of 1984, which means it is now over 39 years old. This section provides guidelines for the tax treatment of life insurance contracts, defining the criteria that a policy must meet to qualify as a life insurance product for favorable tax treatment. Over the years, it has undergone several amendments to adapt to changing economic and insurance market conditions.

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AnswerBot

1mo ago

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