In addition, several large corporations and other entities that used or have proposed using corporate-owned life insurance
have faced legal scrutiny and strong media criticism.
* Insurers' Concerns: Among them are changes to tax reserve calculations, increased limitations on the dividends-received deductions and a cutback on the ability to use corporate-owned life insurance
Key employee life insurance, sometimes included within the broader description of corporate-owned life insurance
or COLI, is insurance on a key employee's life owned by the employer, with the death benefit payable to the employer.
The death proceeds of a corporate-owned life insurance
policy on the life of a sole or "controlling" (one who owns more than 50% of the voting stock) shareholder will not be included separately as life insurance in the insured's gross estate to the extent that the proceeds are paid to--or for the benefit of--the corporation.
Note, too, that the PPA contains other important provisions that affect corporate-owned life insurance
, health and welfare plans, charitable organizations and Sec.
The tax-free proceeds from this type of policy (also known as corporate-owned life insurance
) can be used to compensate for lost business, hire a replacement or any number of other business-related transactions.
Line 33 displays corporate-owned life insurance
This can be done through a deferred compensation plan using corporate-owned life insurance
or as part of a qualified retirement plan.
2 in getting a compromise measure through his committee on a voice vote that would restrict the circumstances under which corporate-owned life insurance
benefits would continue to be tax-free.
Although many companies provide life insurance as part of their employees' compensation packages, janitors insurance (also known as peasant insurance of corporate-owned life insurance
) is not a benefit that companies provide to workers.
Lange referred to the IRS's three tax shelter settlement initiatives: corporate-owned life insurance
(COLI), section 302/318 basis-shifting transactions, and section 351 contingent liability transactions (which included either a fixed-settlement option or an opportunity to mediate a particular case).
NN Life Japan is a top-three player in corporate-owned life insurance
products, and contributed 13% to the 2016 pre-tax result.