What are the precise tax implications when an irrevocable life insurance trust purchases an existing policy from the insured within the three-year lookback window?
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The searches the AI actually ran for this prompt.
SEED QUERY
What are the precise tax implications when an irrevocable life insurance trust purchases an existing policy from the insured within the three-year lookback window?
2 real searches · 1 real-search pass
IRC 2035 three year rule bona fide sale adequate full consideration life insurance policy transfer ILIT transfer for value 101(a)(2) IRSGoogle ↗
OBSERVEDReason
Treasury regulations life insurance policy transfer for value exception grantor trust insured ILIT sale existing policy valuation Form 712Google ↗
OBSERVEDReason
Badge and edge weight = share of passes that produced the query. Hover a query for its intent and routing format.
Query classes
Google's semantic query class for every sub-query: what kind of answer each search is after, simulated vs real.
ChatGPT real searches (2)
Classes come from the query-classifier (a local Laya model). 2 of 2 calls are low-confidence (under 50%) — hover a query in the table to see its confidence.
Searches and sources
ChatGPT2 real searches · gpt-6
IRC 2035 three year rule bona fide sale adequate full consideration life insurance policy transfer ILIT transfer for value 101(a)(2) IRS Google ↗
Treasury regulations life insurance policy transfer for value exception grantor trust insured ILIT sale existing policy valuation Form 712 Google ↗
- 26 U.S.C. § 2035: Adjustments for certain gifts made within 3 years of decedent’s death · uscode.house.gov
- U.S.C. Title 26 · govinfo.gov
- 26 CFR § 25.2512-6 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end investment company. | Electronic Code of Federal Regulations (e-CFR) | US Law · law.cornell.edu
- Life Insurance What Attorneys and Trustees Should Know · americanbar.org
- 26 CFR § 20.2031-8 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end investment company. | Electronic Code of Federal Regulations (e-CFR) | US Law · law.cornell.edu
- 26 U.S.C. § 101: Certain death benefits · uscode.house.gov
- 26 CFR § 1.101-1 - Exclusion from gross income of proceeds of life insurance contracts payable by reason of death. | Electronic Code of Federal Regulations (e-CFR) | US Law · law.cornell.edu
- Microsoft Word · irs.gov
- PLR-136093-13 3 · irs.gov
- Internal Revenue Bulletin: 2019-47 · irs.gov
- Internal Revenue Bulletin: 2009-21 · irs.gov
- Life Insurance Policies - Income Tax Treatment on Surrender or Sale · mcguirewoods.com
- Internal Revenue Bulletin: 2011-49 · irs.gov
Queries
2 queries · click a column to sort
| Query / type | Search | Intent | Query class | Routing format | Cluster | Freq ↓ | Weight |
|---|---|---|---|---|---|---|---|
IRC 2035 three year rule bona fide sale adequate full consideration life insurance policy transfer ILIT transfer for value 101(a)(2) IRS OBSERVED | Google ↗ AI Mode ↗ | — | Reason | — | — | 1x of 1 | |
Treasury regulations life insurance policy transfer for value exception grantor trust insured ILIT sale existing policy valuation Form 712 OBSERVED | Google ↗ AI Mode ↗ | — | Reason | — | — | 1x of 1 |