Page:United States Statutes at Large Volume 102 Part 4.djvu/739

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3709

"(9) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section, including regulations— "(A) providing for the separate application of this section with respect to each accident year, and "(B) such adjustments in the application of this section as may be necessary to take into account the tax imposed by section 55." (b) CLERICAL AMENDMENT.—The table of sections for part III of subchapter L of chapter 1 of the 1986 Code is amended by adding at the end thereof the following new item: "Sec. 847. Special estimated tax payments."

(c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1987.

26 USC 847 note,

SEC. 6078. CHURCH SELF-FUNDED DEATH BENEFIT PLANS TREATED AS LIFE INSURANCE.

(a) IN GENERAL.—Section 7702 of the 1986 Code (defining life insurance contract) is amended by redesignating subsection (j) as subsection (k) and by inserting after subsection (i) the following new subsection: "(j) CERTAIN CHURCH SELF-FUNDED TREATED AS LIFE INSURANCE.—

DEATH

BENEFIT

PLANS

"(1) IN GENERAL.—In determining whether any plan or arrangement described in paragraph (2) is a life insurance contract, the requirement of subsection (a) that the contract be a life insurance contract under applicable law shall not apply. "(2) DESCRIPTION.—For purposes of this subsection, a plan or arrangement is described in this paragraph if— "(A) such plan or arrangement provides for the payment of benefits by reason of the death of the individuals covered under such plan or arrangement, and "(B) such plan or arrangement is provided by a church for the benefit of its employees and their beneficiaries, directly or through an organization described in section 414(e)(3)(A) or an organization described in section 414(e)(3)(B)(ii). "(3) DEFINITIONS.—For purposes of this subsection— "(A) CHURCH.—The term 'church' means a church or a convention or association of churches. "(B) EMPLOYEE.—The term 'employee' includes an employee described in section 414(e)(3)(B)." (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall take effect as if included in the amendment made by section 221(a) of the Tax Reform Act of 1984.

26 USC 7702 note.

SEC. 6079. TREATMENT OF STRUCTURED SETTLEMENTS. (a) TREATMENT UNDER MINIMUM TAX.—

(1) The last sentence of section 56(g)(4)(B)(iii) of the 1986 Code (as amended by title I) is amended to read as follows: "The preceding sentence shall not apply to any annuity contract which is held under a plan described in section 403(a) or which is described in section 72(u)(3)(C)." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall take effect as if included in the amendments made by section 701 of the Reform Act. (b) CERTAIN CREDITOR RIGHTS PERMITTED.—

26 USC 56 note,

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