California Revenue and Taxation Code

§ 24305

RTC § 24305 Effective Jan 1, 2011Div. 2 · Part 11 · Ch. 6 · Art. 2

Statute text

(a)Except as provided in subdivisions (b) and (c), amounts received under life insurance policies and contracts paid by reason of the death of the insured but if such amounts are held by the insurer under an agreement to pay interest thereon, the interest payments shall be included in gross income.

(b)Proceeds of flexible premium contracts payable by reason of death shall be excluded from gross income only in accordance with the provisions of Section 101(f) of the Internal Revenue Code.

(c)(1) In the case of an employer-owned life insurance contract, any amount received by reason of death of an insured shall be excluded from gross income only in accordance with the provisions of Section 101(j) of the Internal Revenue Code.

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Legislative history

Amended by Stats. 2010, Ch. 14, Sec. 65. (SB 401) Effective January 1, 2011.