Page:United States Statutes at Large Volume 98 Part 1.djvu/814

 98 STAT. 766

Ante, p. 724.

PUBLIC LAW 98-369—JULY 18, 1984 fled GIC, income on any asset attributable to such contract (as determined in the manner provided by the Secretary of the Treasury or his delegate) shall be taken into account. (6) LIMITATION ON TAX BENEFIT,—The amount of any reduction in tax for any taxable year by reason of this subsection for any qualified life insurance company (or controlled group within the meaning of section 806(d)(3) of the Internal Revenue Code of 1954) shall not exceed the applicable amount set forth in the following table:

In the case of taxable The reduction may years beginning in: not exceed: 1984 $4,500,000 1985 $4,500,000 1986 $3,000,000 1987 $2,000,000 26 USC 806 note. (m) SPECIAL RULE FOR CERTAIN INTERESTS IN OiL AND G A S PROPERTIES.—

(1) IN GENERAL.—For purposes of section 806 of the Internal Revenue Code of 1954, the ownership by a qualified life insurance company of any undivided interest in operating mineral interests with respect to any oil or gas properties held on December 31, 1983, shall be treated as an insurance business. (2) QUALIFIED LIFE INSURANCE COMPANY.—For purpOSeS of

paragraph (1), the term "qualified life insurance company" means a mutual life insurance company which— (A) was originally incorporated in March of 1857, and (B) has a cost to such company (as of December 31, 1983) in the operating mineral interests described in paragraph (1) in excess of $250,000,000. 26 USC 807 note.

Ante, p. 726.

(n) SPECIAL RULE FOR COMPANIES USING N E T LEVEL RESERVE METHOD FOR NONCANCELLABLE ACCIDENT AND HEALTH INSURANCE

CONTRACTS.—A company shall be treated as meeting the requirement of section 807(d)(3)(A)(iii) of the Internal Revenue Code of 1954, as amended by this Act, with respect to any noncancellable accident and health insurance contract for any taxable year if such company— (1) uses the net level reserve method to compute its tax reserves under section 807 of such Code on such contracts for such taxable year, (2) was using the net level reserve method to compute its statutory reserves on such contracts as of December 31, 1982, and (3) has continuously used such method for computing such reserves on such contracts after December 31, 1982, and through such taxable year.

26 USC 6655

SEC. 218. UNDERPAYMENTS OF ESTIMATED TAX FOR 1984.

"° •

No addition to the tax shall be made under section 6655 of the Internal Revenue Code of 1954 (relating to failure by corporation to pay estimated tax) with respect to any underpayment of an installment required to be paid before the date of the enactment of this Act to the extent— (1) such underpayment was created or increased by any provision of this subtitle, and (2) such underpayment is paid in full on or before the last date prescribed for payment of the first installment of estimated tax required to be paid after the date of the enactment of this Act.

�