Pennsylvania | Insurance Law
9/09/04, 11:15 am
Legal Question
Transfer for value rule (S Corporation)
Scenario:
''A Corporation'' owns a TERM policy valued at $750,000.
''A Corporation'' transfers ownership of the policy to indivudual owner of ''B Corporation'' which is buying ''A Corporation''.
No consideration ($$) is taking place for the policy.
What are the potential tax scenarios for this sort of transaction? What would the tax situation be whenthe person dies and monies are received for the policy.
Thank you so very much for any help offered!
Karyn
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