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FEDERAL INCOME, ESTATE & GIFT TAX PROJECT 1 (OUTLINE AGENDA FOR DISCUSSION OF INCOME TAX MATERIALS, March 5, 1952)

handle is hein.ali/aliftp0246 and id is 1 raw text is: March 5, 1952

Outline Agenda for Discussion of Income Tax Materials
at Meeting of the Council
TRUSTS AND ESTATES
(Discussion Draft No. 6)
1. Treatment of simple trusts. §§ X801, X825.
2. Definition of distributable net income. § X815.
3. Treatment of complex trusts (those distributing corpus or specially
allocating classes of net income). §§ X820, X821, X840.
4. Election of estate to be treated as trust or as individual. § X875
through § X885.
5. Adoption of and statutory formulation of Clifford Regulations. § X850
through § X860.
INCOME FROM INSURANCE CONTRACTS
(Discussion Draft No. 5)
1. Retention of exemption for insurance proceeds paid by reason of death
of insured. § X125(a).
2. Extension of the exemption to insurance policies transferred for a
valuable consideration.
3. Includibility of interest earned on insurance proceeds after death of
the insured. § X125(c).
INCOME FROM ANNUITY CONTRACTS
(Discussion Draft No. 5)
1. Elimination of the present 3% rule.
2. Adoption of rule by which cost is returned over the life expectancy of
the annuitant. § X126(a) and (b).

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