5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The IRS has provided interim guidance to issuers of variable annuity contracts on questions that arise under Code Secs. 807 and 816 as a result of the adoption of Actuarial Guideline XLIII, Commissioners' Annuity Reserve Valuation Methodology (CARVM) for Variable Annuities (AG 43). Generally, for federal tax purposes, the CARVM tax reserve method in effect on the date the contract issued applies to an annuity contact.
The interim guidance provides direction for purposes of (1) determining whether an insurance company satisfies the "50 percent of reserves" test for qualification as a life insurance company for tax years ending on or after December 31, 2009; (2) applying the statutory reserve cap for tax years ending on or after December 31, 2009; and (3) determining the amount of the reserve with respect to a contract falling within the scope of AG 43 and issued on or after December 31, 2009.
Source: IRS Notice 2010-29, I.R.B. 2010-15, April 12, 2010.
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