Treasury Regulations (26 C.F.R.)
26 CFR § 1.1035-1
Certain exchanges of insurance policies.
Under the provisions of section 1035 no gain or loss is recognized on the exchange of:
# (a)
A contract of life insurance for another contract of life insurance or for an endowment or annuity contract (section 1035(a)(1));
# (b)
A contract of endowment insurance for another contract of endowment insurance providing for regular payments beginning at a date not later than the date payments would have begun under the contract exchanged, or an annuity contract (section 1035(a)(2)); or
# (c)
An annuity contract for another annuity contract (section 1035(a)(3)), but section 1035 does not apply to such exchanges if the policies exchanged to not relate to the same insured. The exchange, without recognition of gain or loss, of an annuity contract for another annuity contract under section 1035(a)(3) is limited to cases where the same person or persons are the obligee or obligees under the contract received in exchange as under the original contract. This section and section 1035 do not apply to transactions involving the exchange of an endowment contract or annuity contract for a life insurance contract, nor an annuity contract for an endowment contract. In the case of such exchanges, any gain or loss shall be recognized. In the case of exchanges which would be governed by section 1035 except for the fact that the property received in exchange consists not only of property which could otherwise be received without the recognition of gain or loss, but also of other property or money, see section 1031 (b) and (c) and the regulations thereunder. Such an exchange does not come within the provisions of section 1035. Determination of the basis of property acquired in an exchange under section 1035(a) shall be governed by section 1031(d) and the regulations thereunder.
Source: view the official text
In this part (40 sections)
- 1.1031(b)-2 · (b)-2 Safe harbor for qualified intermediaries.
- 1.1031(c)-1 · (c)-1 Nonrecognition of loss.
- 1.1031(d)-1 · (d)-1 Property acquired upon a tax-free exchange.
- 1.1031(d)-1T · (d)-1T Coordination of section 1060 with section 1031…
- 1.1031(d)-2 · (d)-2 Treatment of assumption of liabilities.
- 1.1031(e)-1 · (e)-1 Exchange of livestock of different sexes.
- 1.1031(j)-1 · (j)-1 Exchanges of multiple properties.
- 1.1031(k)-1 · (k)-1 Treatment of deferred exchanges.
- 1.1032-1 · Disposition by a corporation of its own capital stock.
- 1.1032-2 · Disposition by a corporation of stock of a controlling…
- 1.1032-3 · Disposition of stock or stock options in certain…
- 1.1033(a)-1 · (a)-1 Involuntary conversions; nonrecognition of gain.
- 1.1033(a)-2 · (a)-2 Involuntary conversion into similar property, into…
- 1.1033(a)-3 · (a)-3 Involuntary conversion of principal residence.
- 1.1033(b)-1 · (b)-1 Basis of property acquired as a result of an…
- 1.1033(c)-1 · (c)-1 Disposition of excess property within irrigation…
- 1.1033(d)-1 · (d)-1 Destruction or disposition of livestock because of…
- 1.1033(e)-1 · (e)-1 Sale or exchange of livestock solely on account of…
- 1.1033(g)-1 · (g)-1 Condemnation of real property held for productive…
- 1.1033(h)-1 · (h)-1 Effective date.
- 1.1035-1 · Certain exchanges of insurance policies.
- 1.1036-1 · Stock for stock of the same corporation.
- 1.1037-1 · Certain exchanges of United States obligations.
- 1.1038-1 · Reacquisitions of real property in satisfaction of…
- 1.1038-2 · Reacquisition and resale of property used as a principal…
- 1.1038-3 · Election to have section 1038 apply for taxable years…
- 1.1039-1 · Certain sales of low-income housing projects.
- 1.1041-1T · Treatment of transfer of property between spouses or…
- 1.1041-2 · Redemptions of stock.
- 1.1042-1T · Questions and answers relating to the sales of stock to…
- 1.1044(a)-1 · (a)-1 Time and manner for making election under the…
- 1.1045-1 · Application to partnerships.
- 1.1051-1 · Basis of property acquired during affiliation.
- 1.1052-1 · Basis of property established by Revenue Act of 1932.
- 1.1052-2 · Basis of property established by Revenue Act of 1934.
- 1.1052-3 · Basis of property established by the Internal Revenue Code…
- 1.1053-1 · Property acquired before March 1, 1913.
- 1.1054-1 · Certain stock of Federal National Mortgage Association.
- 1.1055-1 · General rule with respect to redeemable ground rents.
- 1.1055-2 · Determination of amount realized on the transfer of the…